BANGALORE: The world’s second largest jewellery market India is all set to welcome Australian crystal makers Swarovski to run fully owned stores in the country. The Brand has secured the Foreign Investment Promotion Board’s (FIPB) approval for its Foreign Direct Investment (FDI) proposal for single brand retail, reports Economic Times.
As India has previously removed the FDI cap on single brand retail, Swarovski has joined the club of other global firms such as Swedish budget furniture chain IKEA, fast fashion firm H&M and American lifestyle brand Fossil to receive the FIPB's nod for its investment plans. The brand is looking forward to invest 10 million in the country in order to expand its stores across the country as well as to inspire its global product range.
Senior vice-president for Asia-Pacific region, Francis Belin stated that, "There is a very high appetite of Indian women for opulent jewellery and we have to be there when the market develops. We are investing to learn consumer relevance and are also testing different price points in terms of more affordable products; we don't want to milk the market by cutting prices or launching stores everywhere. Instead, we want to learn design sensibilities from India since there is a lot of demand for such products similar to how Indian yoga is in fashion the world over,"
The brand has started functioning in India from 2005 and since then they have been keen on the limited expansion which were only at major cities and malls. The company has all over 2,500 stores around 170 countries in the world.
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