Fashion brand LVMH & Chanel set to enter retail market
18 May '06
1 min read
Leading luxury good retailer LVMH, Llardro Commercial of Spain and high-end perfumes brand Chanel SA approached Government for permission to set up retail joint venture in India.
Foreign Investment Promotion Board (FIPB) approval would set an example of foreign equity participation in domestic retail sector.
For single brand retail venture, Government allowed 51 percent foreign direct investment in January this year, subject to prior permission of FIPB.
LVMH's brands like Louis Vuitton, Tag Heuer, Christian Dior etc have outlets in Mumbai and Delhi operated by domestic partners.
Lladro, Spanish company applied for 20 percent stake in a new retail venture.
Perfumes brand Chanel had opened its boutique in March 2005 in Delhi and planning to open dozen more outlets in major cities.
LVMH specialises in manufacturing and marketing luxury products in leather goods, ready to wear, shoes, watches, jewellery, textiles, writing instruments, luggage, bags, sunglasses and accessories.
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