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Massimo Dutti gest FIPB approval to enter India
Posted On: 28-08-2013 05:00:00 AM

As per a report in Business Standard, Massimo Dutti, the upmarket fashion brand from Spainís Inditex group, which also owns the Zara fashion brand , has got clearance from the Foreign Investment Promotion Board (FIPB) to launch in India. This is the second attempt by the brand to get permission to open stores in India. Their application of a year ago was rejected on technical grounds citing violation of a rule that said an investor must own the brand it was proposing to bring to India. Last year, the application was made by Zara Holdings Netherlands, though the brand was owned by Inditex. Subsequently, the government relaxed the norms on brand ownership. According to the current policy, the investor entity should have a legally tenable license agreement with the brand owner.

In March this year, the group moved a new application before FIPB; the application was made by Grupo Massimo Dutti SA, which operates as a subsidiary of Inditex. The revised application was to invest euro 1.5 million (about Rs 10 crore) over two years to open five Massimo Dutti stores in the country, through a 51:49 joint venture with the Tata Group. This is the second brand that Inditex will be getting to India with the Tata Group. Earlier the Zara brand was brought to the country through a JV with the Tata Group.

 
 
 

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