DIPP approves new round of foreign direct investment proposals, includes Louis Vuitton

By

Isabelle Crossley

Published
Oct 4, 2017

The Indian Government’s Department of Industrial Policy and Promotion has approved five foreign direct investment proposals for single-brand retail including the luxury fashion brand, Louis Vuitton.

Along with Louis Vuitton, The DIPP approved the foreign direct investment (FDI) proposals of four other companies and these are Chumbak Design, Oppo Moblies, Daniel Wellington, and Actoserba Active Wholesale. Each company’s proposal was specific to their needs. Louis Vuitton’s FDI proposal was to allow the addition of more products. No concrete figures have been released for the expected total investment this batch of companies to likely to bring but Daniel Wellington has been estimated to bring in around 67 crore rupees (approximately 10 million dollars) and Chumbak Design is estimated to total 57 crore rupees (approximately 8.62 million dollars).

This latest round of FDI approvals by the DIPP has come in a climate where foreign investment in India is increasing. In the time period from 2016 to 2017, foreign investment in India grew 9 percent. The DIPP has been dealing with all FDI proposals since the abolition of the Foreign Investment Promotion Board (FIPB). The DIPP currently has 48 pending FDI applications and this could see foreign investment in India rise still further if they are approved.