NEWS| Gucci can open single-brand stores in India

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The government has cleared the proposal to allow Gucci Group NV, Netherlands, for foreign equity participation of 51% stake in its Indian franchisee, Luxury Goods Retail Private Ltd, with an investment of Rs 1.04 crore.

With the move, Gucci will now be able to enter the Indian retail market through single brand stores. The proposal was made by Luxury Goods Retail, which sells products under the Gucci brand in India under a franchise agreement.

It was in 2006 that Gucci India had entered into a franchise agreement with Murjani Retail for selling its products in the country. The pact was terminated in July this year and replaced with a new franchise.

In India, the company has two stores in Delhi and Mumbai. It had last year announced plans to expand to other metros, including Bangalore, and expand its product range in the country to house its men's and women's collections of ready-to-wear, handbags, shoes, watches and other accessories.

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