Swarovski given FIPB nod for single-brand retail

Swarovski’s foreign direct investment proposal for single-brand retail has received the nod by Foreign Investment Promotion Board. It can now open its fully-owned stores in India, reports add.

The company is looking at increasing its store count in India, but is not in a hurry to have a presence with a store in each location or offer products at low prices, in the short-term, reports add. It is not looking at India as a major market for its revenues for the short-term. It is going at a pace in learning and growing.

The company is looking at investing Rs 75 crore in India, to expand its number of stores and also to expand its understanding of designs to enhance its product range, gain more knowledge about consumer relevance and in testing various price points of affordable products. It notes that Indian design attracts much appeal.

The company notes India to contain a great affinity towards opulent jewellery and are looking to develop its range for this opportunity when it arises. It is not restricting its products to weddings only, but intends to offer products for other occasions and festivals. This year, Swarovski adapted its global products to the taste of the Indian consumer for the first time, with 50 India specific products.

With a beginning in 2005 in the Indian market, the company has been launching its presence in prime locations and malls and its store expansion too would be based on ‘quality upcoming malls and real estate’. It currently operates 40 franchise stores and around 60 counters at department stores, reports add.