Four global garment and home-textile brands are awaiting the approval from the Foreign Investment Promotion Board (FIPB) for setting up single-brand retail stores in India under its foreign direct investment (FDI) policy.
The FIPB may take up the proposals of the French fashion brand ‘Pramod’, France-based home-textile brand 'Le Creuset', French sports brand 'Decathlon' and the US lifestyle retailer ‘Fossil Inc’, during its next meeting scheduled on February 13 2013, sources told PTI, Business Standard reported.
France-based fashion brand Pramod has proposed for an investment of Rs. 300 million and the US lifestyle brand Fossil Inc plans to invest Rs. 220 million in single-brand retail store, the source added.
The proposal of the global clothing brand Tommy Hilfiger for single-brand retail store in India is pending with the Department of Industrial Policy and Promotion.
Recently, FIPB has approved the proposal of US luxury garment retailer Brook Brothers for FDI in single-brand retail in India.
The FIPB is a governing body that offers a single-window clearance for proposals on FDI in India that are not allowed for access through the automatic route.