The Italian jeweler is one of the first foreign companies to receive the Indian government’s approval to invest in an Indian company.
Damiani will acquire 51 percent of Damiani India Pvt. Ltd., the company controlling the store the Italian luxury label recently opened at New Delhi’s Oberoi Hotel.
“We are very proud to be the first foreign investor to obtain the government’s approval to invest in monobrand retailing in India,” said Damiani president and chief executive officer Guido Damiani. “We have great expectations from the Indian market, which offers several growth opportunities to an Italian fine jewelry brand as Damiani.”
International investors can now acquire at least 51 percent of Indian companies, even if they are still not allowed to sell products online. The reform has also simplified investments in companies operating in the monobrand retailing business, which can now acquire up to 100 percent of Indian companies on the condition that, when possible, they produce 30 percent of the products sold in the country in India.
Damiani, which opted for limiting its investment to 51 percent in order to guarantee that its products are 100 percent made in Italy, also revealed that the company is looking for an additional location in Mumbai and is evaluating the possibility of launching the company’s Salvini and Rocca brands on the Indian market as well.
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