Korean beauty brand to go solo in India

South Korea’s biggest beauty brand is to set up shop in India under the country’s foreign direct investment program.

Innisfree is the latest international retailer to establish a single brand retail format after committing to sourcing at least 30 per cent of its stock from within India, expanding its already strong Asian presence.

India’s Financial Express reports India’s Department of Industrial Policy and Promotion (DIPP) has approved Innisfree India to sell its products through exclusive stand alone stores.

Parent, Hong Kong-based Amorepacific Global Operations, will take a 100 per cent stake in the Indian operation, investing $US11.8 million.

Innisfree has 800 stores in South Korea, China, Japan, Hong Kong and Singapore and a store in Khan Market, Delhi.

Global brands Ikea, Pavers, Celio, Gruppo Coin, Artsana, H&M, Mango and Tommy Hilfiger have all received approval for single brand retail stores after committing to local sourcing thresholds.

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