Tuesday, May 12, 2009

Rolex plans exclusive stores in India

image World renowned Swiss watch maker Rolex has sought government approval to set up exclusive retail outlets in India in a joint venture with a domestic partner.

Mahen Boutiques, a wholly-owned subsidiary of KKDL, would be the Indian partner for setting up the stores for selling wrist watches to the high-end consumers in major cities.

Mahen Boutiques has submitted its proposal to the Department of Industrial Policy and Promotion (DIPP) seeking permission for the retail venture, an official said.

While India does not allow foreign direct investment in multi-brand retail stores like those of Wal-Mart, 51 per cent FDI in single brand retail stores like those for Nike shoes, Nokia cell phones, Louis Vuitton and Rolex watches is permitted.

Contact with Rolex firm could not be established.

Golfer Jeev Milkha Singh is the brand ambassador for Rolex watches in India.

These watches are priced upward of Rs 5,000 a piece.

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