Several global players in the fashion and apparel retail sector, including Tesco, IKEA, Walmart and Hennes & Mauritz group (H&M), are planning to expand their business to India through the foreign direct investment route.
Recently, Spain-based Inditex, one of the world’s largest apparel retailers, has filed an application to the Foreign Investment Promotion Board (FIPB) to open Massimo Dutti stores across India through a joint venture with Tata group.
“We have filed an application to develop Massimo Dutti stores in India through a joint venture with Tata group,” the spokesperson of Inditex told fibre2fashion.
Earlier in 2011, the apparel retailer had submitted an application to enter the Indian market with Massimo Dutti, through a joint venture with Tata Group, wherein Inditex will hold 51 percent stake. However, the proposal was rejected by the FIPB without citing any reason.
Inditex has more than 6,000 stores in 86 markets worldwide and owns brands like Zara, Pull&Bear, Massimo Dutti, Bershka, Stradivarius, Oysho, Zara Home and Uterqüe.
Massimo Dutti offers a wide variety of collections, ranging from sophisticated high-end fashion to easygoing casual wear. Its 630 stores in 60 countries share a universal design which transcends national borders to connect with today's men and women, who are independent, urban and cosmopolitan.
Trent Limited is an India-based company engaged in the retailing business. The company operates in two business segments: retailing and services related to retailing, distribution, consultancy services.
Fibre2fashion News Desk - India