Leveraging the Indian policy of 100 per cent FDI in single brand retail, the Swiss luxury brand Richemont aims at opening stores in the country. The officials of retail brand, which owns brands like Cartier, Van Cleef, Arpels, Piaget, and Panerai, have met Commerce Minister Anand Sharma.
The company plans to set up a 100 percent subsidiary in India by investing about USD 25 million initially and will further expand the same depending upon the response. According to CNBC – TV18, it has also sought a clarification on sub-brands as it has several brands like Montblanc or Cartier.
The company will look at opening 100 per cent owned stores and will plan to source polished diamonds from India.