Luxury retailer Richemont to set up shop in India

08/9/2013 | Economic Times (India), The

Swiss luxury goods retailer Richemont plans to spend $25 million to open retail stores in India, in a move that may force the government to clarify the definition of "single brand." Richemont is the parent of luxury brands including Cartier, Piaget, Panerai and Montblanc, which it aims to sell as "sub brands" in its single-brand India stores; foreign ownership laws passed last year allow 100% ownership of single-brand stores but set different rules for multi-brand stores.

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Economic Times (India), The

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