The Indian wing of global athletic footwear and apparel company Reebok that has been waiting for the Government’s response to its request for 100 per cent FDI in opening company-owned stores finally received an approval for the same.
The Department of Industrial Policy and Promotion (DIPP) has given the green signal to the sportswear retailer’s proposal to set up single-brand retail stores in the country.
100 per cent equity investment is permitted in India in single-brand retail trading after the Government’s nod.
“We are working on giving a boost to FDI inflow in India, speeding up approvals, creating enabling ecosystem,” tweeted Commerce Minister Suresh Prabhu.
After getting approval from the Government, the retailer will now take the final call on the place, price and time of opening of the store.
Reebok India further has plans to invest in women’s fitness segment like CrossFit and training, combat and fight and running.
Currently, Adidas and Reebok sports shoes and clothes are sold in India by Germany’s Adidas AG.
Earlier this week, Reebok India launched its seventh store in Bengaluru. The brand is considering to open five more stores in the city by 2018. Mumbai and Delhi markets are also on Reebok’s expansion list.
