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Italy wants a pie of growing Indian apparel space
18 May '12
2 min read
Keen to invest in area of garments and textiles in India, Italy is organizing a three-day 'Expo Riva Schuh Fair' in India from June 5, said Italian Trade Commissioner Erica Di Giovancarlo.
Italy, the third-largest economy in Europe, is considering expansion in the Indian market. While Italy is a world leader in fashion designing, Indian designs are getting greater attraction in global markets.
The expo would serve as a platform for Italian entrepreneurs to present various high-end items, including apparels, belts, bags, footwear and leather accessories to cater to Indian customers.
Ms. Giovancarlo said they are trying hard to establish stronger trade ties with India in field of fashion and textiles.
There is good scope for entrepreneurs in India and Italy to collaborate in sectors like fashion and textiles through joint ventures, she said. However, she added that as the Italian enterprises, particularly the small and medium enterprises (SMEs), are facing tough times due to the European crisis, in spite of being keen to invest in India, they need to wait till economic situation improves at home-front.
Further, calling India's decision to allow 100 percent foreign direct investment (FDI) in single-brand retail as a "revolution", she said, it would certainly draw many companies to Indian markets, as the decision has opened way for foreign firms to have total ownership of their operations in India.
Following this, many Italian firms including global Italian chains like Gucci, Prada and Armani have already articulated their interest in launching their outlets in India.
The bilateral trade between the two countries totalled US$ 8.8 billion during 2010-11.
Italy, the third-largest economy in Europe, is considering expansion in the Indian market. While Italy is a world leader in fashion designing, Indian designs are getting greater attraction in global markets.
The expo would serve as a platform for Italian entrepreneurs to present various high-end items, including apparels, belts, bags, footwear and leather accessories to cater to Indian customers.
Ms. Giovancarlo said they are trying hard to establish stronger trade ties with India in field of fashion and textiles.
There is good scope for entrepreneurs in India and Italy to collaborate in sectors like fashion and textiles through joint ventures, she said. However, she added that as the Italian enterprises, particularly the small and medium enterprises (SMEs), are facing tough times due to the European crisis, in spite of being keen to invest in India, they need to wait till economic situation improves at home-front.
Further, calling India's decision to allow 100 percent foreign direct investment (FDI) in single-brand retail as a "revolution", she said, it would certainly draw many companies to Indian markets, as the decision has opened way for foreign firms to have total ownership of their operations in India.
Following this, many Italian firms including global Italian chains like Gucci, Prada and Armani have already articulated their interest in launching their outlets in India.
The bilateral trade between the two countries totalled US$ 8.8 billion during 2010-11.
Fibre2fashion News Desk - India
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