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Government nod for Gucci proposal
3 December 2009: The Union Government has sanctioned a proposal by Luxury Goods Retail for foreign equity participation of 51 per cent by Gucci Group NV, Netherlands with an investment of Rs1 crore for retailing Gucci brands in India.
Now, Gucci can reportedly go ahead with its plans to enter the Indian retail market through single brand stores with the Government allowing it to pick up a majority stake in its Indian franchisee Luxury Goods Retail.
Gucci India had in 2006 entered into a franchise agreement with Murjani Retail for selling its products in the country. The pact was terminated in July 2009 and replaced with a new franchise.
Source: India Infoline