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Damiani Seeks to Invest in India
Aug 14, 2012 6:40 AM
By Dilipp S Nag
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RAPAPORT... Italian jewelry brand Damiani has filed an application with the Indian government to invest in the country as a single-brand retail business.
A government document showed that Damiani India Private Ltd. filed the application with the Foreign Investment Promotion Board (FIPB), a government body that offers clearance for proposals on Foreign Direct Investment (FDI) in India.
Damiani India is seeking to invest under the single-brand retail business in collaboration with Damiani International BV of Italy, the document showed. No further details were immediately available. The government has yet to take any decision on the proposal.
The company, whose brands include Damiani, Calderoni, 1840, Salvini, Alfieri & St. John and Bliss, entered the Indian market in May by opening its first boutique in New Delhi at the Oberoi hotel. It had stated that this opening is the starting point for the group to penetrate the Indian market.
Damiani S.p.A., parent company of the Damiani Group, is a leading company in the Italian market for the production and marketing of high-end jewelry and watches. The group also operates in major world markets through its operating subsidiaries and manages 47 stores and 28 franchises.
There are several international retailers who are looking to open in India under the single-brand retail business model after the government increased the FDI limit in single-brand retail to 100 percent from 51 percent in January this year. However, this is subject to sourcing of 30 percent of their merchandise from the local micro and small Indian units.
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Tags:
damiani, Dilipp S Nag, FDI, India, italy, Jewelry, retail, Single-brand retail, watches
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