Fossil plans Rs 25 cr investment in India

Fossil India, the wholly owned subsidiary of the 3.2 billion dollars (Rs 19.568 crores) American lifestyle brand

Fossil, plans to invest above Rs 25 crores in India after seeking regulatory approvals to set up single brand stores in the country. It plans to open 21 retail stores in the next 36 months, with a focus on metro cities.

Fossil is among the first lot of global lifestyle brands that got clearance under single brand FDI from Foreign Investment Promotion Board. The company would also adhere to the mandatory 30 percent local sourcing rule by ramping up its production facility at Palwan in Himachal Pradesh. The company is known for its wide range of lifestyle products like watches, jewellery, sunglasses, and leather goods. Though it is popular as a watchmaker, 50 percent of its global sales come from its leather goods such as wallets, handbags, and belts.

The company has already opened its first store in Mumbai earlier this month apart from a factory outlet in Bangalore, which is Fossil's headquarters in India. As a part of production capacity expansion, the Palwan facility would now manufacture 500,000 watch units per annum. The company also makes watches for international brands such as Burberry, DKNY, Emporio Armani and Diesel among others.