Celio looking at going solo in India

Celio, the French apparel company is planning to go for 100 per cent FDI and invest

around Rs 40 crores in the country. Also on its agenda is going solo in India. The Foreign Investment Promotion Board (FIPB) has cleared its application to raise stake in its 50-50 joint venture with the Future Group. Now, the 500 million-euros (above Rs 3,900 crores) company is looking at venturing out on its own in the country.

Celio has a joint venture partnership with the Future Group and the buzz is that both partners are in talks to negotiate the details of the deal. But Celio may look at going solo under the single brand FDI norm in the near future. It may be recalled that Celio, which has been operating in India for around four years, had first applied for increasing its stake in the JV last October.

As of now, Celio has 25 standalone stores and 100 shop in shops across India. Globally, the brand is retailed through 1,000 stores in 70 countries and sells around 35 million items every year. In India, it plans to push up its retail presence by increasing the number of stores to 42 by the end of this year. It’s also adding over 20 shop in shops every year. As far as sourcing from India is concerned, Celio currently sources nearly 27 per cent of its requirements and is aiming to increase this to over 30 per cent by early next year.