Richemont applies to open stores in India

Richemont is joining other well-known international retailers who have entered the Indian market since the country eased investment rules. 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 told Reuters. In the single brand sector, India allows 100 percent foreign direct investment on condition that a third of materials used in products is sourced locally. Richemont said it planned to meet India's 30 percent sourcing requirement through the purchase of polished diamonds for the group as a whole using its India-based entity.