REUTERS – U.S. accessories manufacturer Fossil Inc (FOSL.O) is the third overseas retailer to apply to India’s government to enter the market through a 100 percent owned operation, a local television station said on Monday citing unnamed sources.
A spokesman for Fossil, which already has a distribution agreement to sell their watches, jewellery, handbags and leather goods in India, could not be reached by Reuters for comment.
Fossil would follow Sweden’s IKEA IKEA.UL and U.K. shoe retailer Pavers in applying for permission to enter the country through a wholly-owned business, ET Now reported.
India removed a cap on foreign investment in single-brand retail in January. (Reporting by Henry Foy and Nandita Bose in MUMBAI)