India clears entry of US retailer Brooks Brothers
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.
India’s Foreign Investment Promotion Board announced in a statement it had cleared the application of the US high-end apparel retailer which introduced the first ready-to-wear suits in 1845.
Brooks Brothers is one of a clutch of foreign companies entering the $500-billion Indian retail market after moves by the government to open its doors wider to overseas investment.
There was no immediate comment from the company which has long links with India as it was the first US brand to bring chequered madras fabric from India to the United States in the 1920s.
The foreign investment board also cleared plans from Italian jewellery brand Damiani and British-based footwear retailer Pavers for investment in single-brand retail.
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.