Mint is reporting that Hermès is finally coming to India. The Paris based luxury group has applied to India's Foreign Investment Promotion Board (FIPB), the government agency that regulates foreign investments in the country, for permission to sell Hermès products through retail and wholesale outlets.
The company has formed an alliance with Khanna Specialty Retail and Distributors Pvt Ltd, a firm promoted by Ashok Khanna, the entrepreneur behind the Rishikesh-based luxury spa, Ananda.
Hermès will hold a 51% stake in the venture and Khanna Specialty Retail the rest, according to a person close to the development who did not wish to be named. Indian laws currently allow 51% foreign investment in single-brand retailing.
Hermès is the latest in the long line of luxury brands including Louis Vuitton, Chanel, Valentino and Ermenegildo Zegna that have been lured to India by the promise of a large and growing market.
Hermès is currently scouting for space in New Delhi and has talked to East India Hotels, which runs the Oberoi chain of five-star hotels, about renting space in the company's New Delhi hotel.
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