Tommy Hilfiger, Promod SAS file for single-brand retail investment

Written by fe Bureau | New Delhi | Updated: Jul 24 2012, 07:07am hrs
After Swedish furniture-maker IKEA, premium clothing and accessory brands Tommy Hilfiger and Promod have filed proposals to the Department of Industrial Policy and Promotion (DIPP) for investing in single-brand retail in the country.

While American apparel-maker Tommy Hilfiger, which currently has a JV with Arvind Fashion, has filed for an approval for foreign direct investment (FDI) upto 51% for retail trade, French fashion brand Promod SAS has sought approval under single-brand retail trade. The two brands are present in India through joint ventures at present.

These are the latest entrants who have evinced interest in investing in India. They have applied for 51% FDI in single-brand retail, said a senior DIPP official.