Fossil plans to set up shop
"Fossil's application had come and it plans to investment Rs 20 crore ($3.7 million)... In all likelihood, it should be considered in the next FIPB meeting," department of industrial policy and promotion (DIPP) secretary Saurabh Chandra said.
With over 390 stores worldwide and a strong global e-commerce business, Fossil is known for its assortment of lifestyle and accessory items, including watches, handbags, and clothing.
The US-based firm also creates fashion accessories for a number of other licensed brands, including MICHELE, Zodiac, Relic, Emporio Armani, DKNY, Armani Exchange, Michael Kors, Diesel, Burberry, Marc by Marc Jacobs, Adidas, Skagen Denmark and Karl Lagerfeld.
Sources said apart from Fossil, there were several other proposals for setting up 100 per cent single-brand investment that are in the pipeline and would be considered soon by the DIPP before being sent to the FIPB for clearance.
At present, Fossil India sells watches from its portfolio of international brands through shops run by Shoppers Stop and Lifestyle department stores. It also imports and sells leather goods and eyewear in India.
The accessories manufacturer is the third foreign single-brand retailer to apply to set up wholly owned operations in the country.
Since the opening of the single brand retail sector, the FIPB has cleared the proposals of Swedish furniture-maker IKEA and British footwear retailer Pavers England. It had also cleared a 51 per cent joint venture of American luxury clothing retailer Brooks Brothers and Italian jewellery maker Damiani's plan to form a venture with the Mehta's.