Western Luxury Retailers Warmly Welcome India's Open Policy

After two years of intense negotiations, India decided to open its doors to global retailers, which was especially welcomed by Western retailers. A spokesman for the Tesco brand said: "foreign investment is allowed to enter India. Retail It is a good thing for India consumers, and India's business will also be positively affected and improved. We have signed a franchise agreement with Tata 's Star Bazaar shop, and hope to enter the India market in the near future.

Armando Branchini, chairman of the European ECCIA group, said: "this decision has made many international. brand You can enter India, a very potential market. "

Salvatore Ferragamo group's CEO Michele Norsa said: "this is definitely good news. We hope that the luxury brands and fashion brands invested in India can benefit from this decision, and the foundation. facilities The improvement is bound to also improve the luxury industry in India.

The India trade union decided on Thursday to allow 51% of foreign direct investment and support 100% of foreign investment in independent brand retail. Although diversified retailers are only allowed to open shops in cities with a population of over 1 million, at least more than 50 cities in India meet this requirement, which is no small breakthrough.

The retail market in India is growing at a rate of 20% per year, and is estimated to be worth 450 billion dollars.