India Retail News

Italy keen to set up Gucci, Armani stores in India
Firstpost

Terming India's decision to allow 100 percent foreign direct investment (FDI) in single-brand retail as a "revolution", Italy on Thursday said that several companies have shown interest in setting up stores in the country. Italian Trade Commissioner, Erica Di Giovancarlo said that businessmen of both the countries can collaborate in sectors like automobiles, fashion and textiles through joint ventures. "This decision (allowing 100 percent FDI in single-brand) of the government is a revolution in this market. I am sure it will catch interest of lot of companies...," Giovancarlo said. The decision has paved the way for global Italian chains like Armani, Gucci and Prada to have full ownership of their India operations.