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Foreign clothing firms seek majority stake in India
14 Aug '12
1 min read
Global apparel companies Tommy Hillfiger, Brooks Brother Group, Promod SAS and NA Pali Europe SARL, a unit of sportswear retailer Quiksilver Inc, are among the list of six companies which have sought permission from the Indian Government to own 51 percent of their operations in the country.
Some of these single-brand retailers already have their presence in India through licensing and joint-venture with other Indian companies.
The Indian Government has, however, not taken any decision on the applications received from foreign single-brand retailers for having a majority stake in their India operations.
In January this year, the Government of India allowed foreign single-brand retailers to establish fully-owned operations in India, with a condition that those companies source at least 30 percent of their requirements from small domestic companies.
However, the local sourcing clause has put-off global retailers from applying for 100 percent ownership.
Fibre2fashion News Desk - India
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