Proposals by America’s oldest clothing retailer Brooks Brothers and Italian jewellery major Damiani for direct investment in single-brand retail will be taken up by the Finance Ministry on Friday.
Also, the Foreign Investment Promotion Board (FIPB) headed by Economic Affairs Secretary Arvind Mayaram, on October 19 will take up UK-based footwear giant Pavers England’s FDI proposal for single-brand retail sector.
Applications of Brooks Brothers Group Inc (BBG), Damiani India Pvt Ltd and Pavers England Ltd, are listed under the “fresh proposals” category of the FIPB agenda, an official said.
Ever since the government liberalised the foreign direct investment policy to allow 100 per cent FDI in single-brand retail in January, a large number of global retailers have expressed interest to set up stores in India.
Under the earlier regime of up to 51 per cent FDI, India had managed to attract only about Rs 200 crore worth of investment in the past three-and-a-half years in the segment.
Damiani India is seeking permission for single-brand retail business in collaboration with Damiani International, as per the FIPB. Recently, Damiani opened its first outlet in New Delhi.
However, details about Brooks Brothers proposal were not known immediately.
In June, Reliance Brands, a unit of Reliance Industries, had announced a joint venture with Brooks Brothers to set up the latter’s shops in India. Brooks Brothers will have 51 per cent stake in the joint venture.
Brooks Brothers introduced the first ready-to-wear suits in 1845. Its flagship store is at Madison Avenue, New York City, a location it has held for almost a hundred years.
Pavers England has proposed to invest Rs 100 crore to set up single brand retail stores and plans to operate on its own in India.
At present the firm sells products through its Chennai-based master franchisee Trident Retail in 23 exclusive stores across India and also through Reliance Footprint and Lifestyle retail outlets.