Richemont plans to open single brand retail stores in India, earmarking $25 million to create a network.
Richemont is the company behind brands such as Cartier, Montblanc, IWC, Vacheron Constantin and Panerai.
“The company wants to open stores with 100 per cent ownership in India. They plan to sell different sub-brands under the single brand retail store,” said a source.
Media have reported that Richemont’s head of tax, Anne Guimond, who met commerce and industry minister Anand Sharma to discuss the matter, has confirmed the planned investment.
“Yes, there are (investment) plans, which for now, we are still working on. This was a preliminary meeting, but we are extremely happy with a welcoming response from the minister and his deputies,” she said.
Since Indian government has eased the rules on single brand retail, it has been attracting foreign direct investment from many companies such as Amorepacific Corporation of South Korea, which plans to invest $11.5 million to open stores in the country.
Swedish furniture retailer Ikea is also planning to invest $1.95 billion to open 25 stores across India.