Luxury retail brand Richemont likely set up shop in India

Richemont, one of the biggest luxury retail companies in the world, is likely to enter the India’s single-brand retail market. Senior executives of the company, which owns brands like Cartier, Van Cleef, Arpels, Piaget, and Panerai, met Commerce Minister Anand Sharma on Thursday, reports CNBC-TV18’s Rituparna Bhuyan.

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The company is in plans to set up a 100 percent subsidiary in India by investing about USD 25 million initially. Anne Guimond, head of Taxes at Richemont confirmed the plans and says that it is still working on it. Guimond adds, “We have expressed our intention and have received very positive response from the minister.”

Sources say that the company assured the Department of Industrial Policy and Promotion (DIPP) that it may increase its investments depending upon the response in the Indian market. It has also sought a clarification on sub-brands as it has several brands like Montblanc or Cartier.

It would want to sell through its wholly-owned stores. It has also asked for clarification on sourcing norms as it has committed on sourcing polished diamonds.