Friday, February 24, 2012: 01:38:29 PM

Retail Poll Feature

Fashion giants trying to gain foothold in India

Retail brands across the world looking to explore the untapped opportunities in India

With India awaiting implementation of the increase in FDI limit in retail, more and more foreign brands from different sectors are venturing into the Indian market. For world famous brands, India appears to be a lucrative marketing destination due to its huge consumer base and a heightened buying capacity.

 
Recently, fashion major Armani group has announced that it is going to enter the Indian retail market, paving the way for other brands to follow. The latest survey conducted by Retailing360 shows that 100% respondents feel that other fashion giants will follow the footsteps of Armani.
 
FDI in retail
 
Foreign retail brands will be more encouraged by the Indian government’s efforts on evolving a consensus on 51% FDI in multi-brand retail. While addressing the annual session of ASSOCHAM recently, Finance minister Pranab Mukherjee said that the government has liberalised FDI in single brand retail and a consensus is being pursued for operationalising the decision taken on opening FDI in multi-brand retail.
 
Iconic Italian luxury brand Giorgio Armani will be bringing its high-end homeware and furnishing retail stores to India. The company has already made its presence felt in India with a tie-up with the Casa brand. However, it has so far kept itself away from the luxury interiors market.  
 
According to US based fashion designer Jyoti Khaitan Goel, "As a brand, Armani is recognised across the globe. Its entry into the booming Indian market is expected. However, other players are likely to play the waiting game and see the response that new retailers entering through the multi-brand retail window are getting. It will be an exciting 3-4 years ahead for the retail sector."
 
Even though concern still prevails regarding the future of the government’s decision on FDI, brands across the world are keeping their fingers crossed. Brands like Emilo Pucci, designer handbag manufacturer Krizia and American high street casual wear brand Brooks Brothers have been in talks with Indian companies for starting business in India.
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Sambuddha Sengupta

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