Italian cosmetics co eyes India
Forms JV for India entry; to invest Rs 1.5 crore.May 06, 2013 | comments ( 0 ) |
The Italian cosmetics company, Officina Farmaceutica Italiana (OFI), is a new addition to list of foriegn retailers lined to enter the Indian market in the wake of FDI. The company awaits approval from FIPB on its proposal and looks at gaining a share in India’s Rs 26,400 crore cosmetics market.
Once approved, the company will launch its natural products brand ‘Bottega Di Lungavita’ in India. Though India allows 100 per cent FDI for single brand retailing, OFI looks at a joint venture with Delhi based Arjun Khurana.
OFI, according to the proposal, will hold 51 per cent stake in the venture and will invest Rs 1.5 crore to open Bottega Di LungaVita-branded stores and will increase the investment to Rs 7 crore over the years.
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