FIPB news and archive

Single-brand retail policy on local sourcing may be changed

High-tech companies such as Apple Inc may be given more time by the government to comply with the domestic sourcing norms for opening single-brand retail stores in the country. The government doesn’t want to dilute the 30 per cent local sourcing norm but doesn’t mind giving more time to firm interested in opening single-brand retail outlet. The...

Apparel

Fossil bets big on India market

After getting approval for its single-brand FDI proposal, to set up a shop in India, Fossil is looking at India as one of its top growing markets in the Asia-Pacific region. The company is set to showcase its exclusive range in the country as a leading consumer fashion accessories player in the world. Having set its eyes on the bridge-to-luxury...

Apparel

FIPB waves green signal to H&M's Rs 720-cr FDI proposal

The Foreign Investment Promotion Board (FIPB) on Wednesday approved Swedish clothing major Hennes & Mauritz AB (H&M)’s Rs 720 crores proposal to open 50 stores across the country. As reported earlier, the Department of Industrial Policy and Promotion (DIPP) had given a green signal to the company in September this year. In April, the company had...

Apparel

RBI, Finmin demand clarifications on portfolio investments

The Reserve Bank of India (RBI) and the Ministry of Finance have asked for clarifications over portfolio investments in multi-brand retail sector. The clarification would felicitate listed domestic retailers like Futures Retail attract more foreign investment. Under the current investment rules, foreign institutional investors (FIIs) can be up...

Apparel

Massimo Dutti gets FIPB nod to enter India

Massimo Dutti, the high-end fashion label from Spain’s Inditex group, which also owns Zara, has finally got permission to open stores in India. A year after rejecting its proposal, the Foreign Investment Promotion Board (FIPB) cleared it to enter the country with a a joint venture partnership with Tata-run Trent, with which Inditex also has a...

Apparel

FIPB to hear Massimo Dutti’s FDI proposal next week

After Zara’s success in India, Inditex Group had sought permission to open stores of its fashion brand Massimo Dutti in India. After rejecting the application last year, the Foreign Investment Promotion Board (FIPB) now plans to assess proposal from the group once again early next week. In 2009, Inditex had announced a joint venture with Tata...

Apparel

Fossil plans first exclusive store in Bangalore

After securing FIPB approval for setting up single brand retail stores in India, US-based watch and accessories maker Fossil is planning to open its first exclusive outlet in Bangalore in the next few months. The plan is to open another three stores followed by the Bangalore launch, probably in Delhi, Mumbai and Hyderabad in a year’s time. The...

Apparel

Massimo Dutti gets FIPB nod to open stores in India

Massimo Dutti has finally got clearance to set up shops in India. The Foreign Investment Promotion Board (FIPB) has given a green signal to the brand to open stores. The brand owned by Inditex, is venturing into the Indian market through a 51:49 joint venture with Tata Group's Trent. The joint venture will open five stores in two years with an...

Apparel

H&M seeks FIPB nod to invest in India

Swedish fast-fashion giant Hennes and Mauritz (H&M), has sought permission from the Foreign Investment Promotion Board to invest Rs 720 crores in India. The plan is to start a fully-owned company that will open 50 H&M stores in the country. Many foreign brands are eyeing entry in developing and promising economy like India owing to slowing sales...

Fashion

Domestic single-brand retailers eye foreign funds

While the government is trying to resolve issues related to 100 per cent FDI in single-brand retail, single brand domestic retailers, holding more than 50 per cent stake in the company are looking at attracting FDI to carry out their retail expansion plans. Indeed while the retail sector looks lucrative for foreign PE funding, recent cases of...