India clears direct investment of Brooks Brothers and Damiani
India’s direct investment authority has cleared FDI (foreign direct investment) for American apparel retailer Brooks Brothers and Italian jeweller Damiani. Through a 51:49 joint venture with Mehta’s Pvt Ltd., Damiani is the first international luxury jewellery brand with direct operations in India. Brooks Brothers, the oldest US clothing retailer, announced in June a plan to set up a joint-venture with Reliance Brands, an arm of Reliance Industries controlled by India’s wealthiest man Mukesh Ambani.
Clearance of the Brooks Brothers’ application came as the world’s largest coffee retailer Starbucks opened its first coffee outlet in the country in financial hub Mumbai.