The Economic Times: May, 2014
New Delhi: Crystal jewellery and accessories maker Swarovski plans to double its retail network in India by investing 10 million euro over the next five years, a senior executive of the Austrian firm said.
Francis Belin, senior vice-president for Swarovski consumer goods business in Asia Pacific region, said most of the investment will go into opening exclusive outlets. "We have very loyal customers in India; so the idea is to be more visible, increase supply of our products and serve the customers better," he told ET.
Swarovski, which currently sells its products through 41 stores across India, had last year put in an application to form a 100% owned single-brand retail subsidiary. Belin said the company expects the FIPB of India to clear its investment proposal soon.