Luxury bags and accessories brand Furla is seeking approval from Foreign Investment Promotion Board (FIPB) to open stores in India through a joint venture.

The Italian company and India’s Genesis Luxury Fashion have established a joint venture to open single brand stores in the country.

Genesis currently runs two Furla stores under franchise, however, will convert the arrangement into a joint venture once the application is approved.

The company plans to invest 13 crore for the first four years.

Since Furla is holding 51 per cent stake only in the venture, it is not required to comply with the investment clause of 30 per cent for single-brand retailers.

Family-owned Furla also plans to boost presence in China with 100 stores planned to open in the next four years through a joint venture with Fung Group.