Applies for single brand lincense; proposes Rs 100 crore investment.
The UK-based footwear and accessories retailer, Pavers England, plans to operate on its own in India and will reportedly apply for single brand license along with an investment proposal of around Rs 100 crore in the country.
Presently, Pavers England is available in India via its Chennai-based master franchisee Trident Retail in 23 exclusive stores and also through Reliance Footprint and Lifestyle retail outlets. Pavers had formed a joint venture with London-based Foresight Group to tap growth opportunities in India.
The company is also likely to adhere to the 30 per cent mandatory sourcing clause for 100 percent FDI in single brand retail, as it is already buying from India.
In 2010, Pavers had said it planned to open 100 stores in India in five years. Later in 2011, the company announced an investment of $15 million (nearly Rs 70 crore) to expand presence in the Indian market.