Luxury goods group Richemont, whose stable of brands includes jewellers Cartier and Van Cleef & Arpels, has applied to open shops in India, joining other global retailers who entered the market since New Delhi relaxed investment rules.
The entry could be a boost for the country's luxury retail sector, which represents a tiny fraction of global luxury brands' sales but has a fast-rising number of wealthy people.
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The sector has been hampered by high tariffs, complex legislation and lack of retail space, prompting brands to trade mainly in luxury hotels in Asia's third-largest economy.
Richemont has applied to enter in the 'single brand' retail space, where stores sell only one brand, for an initial investment of $5 million, a senior Indian government official said on Thursday.