US accessories manufacturer Fossil is the third overseas retailer to apply to India’s government to enter the market through a 100 percent owned operation, a local television station said on Monday citing unnamed sources.
A spokesman for Fossil, which already has a distribution agreement to sell their watches, jewellery, handbags and leather goods in India, could not be reached by Reuters for comment.
Courtesy: Facebook.com
Fossil would follow Sweden’s Ikea and UK shoe retailer Pavers in applying for permission to enter the country through a wholly-owned business, ET Now reported.
India removed a cap on foreign investment in single-brand retail in January.
Reuters
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