New Delhi: Italian designer Giorgio Armani would start operations in India after getting approval from the foreign investment promotion board (FIPB).
The billionare designer, who has a franchise and distribution tie-up with DLF, has been cleared in the single-brand retail category with a stake of 51 per cent as per revised FDI rules in 2006. Armani will introduce the Giorgio Armani label in India, which is one of the most expensive ranges from the designer's stable and would basically cater to the super-premium consumer segment.
As per the tie-up, DLF will provide real estate support to the venture. The first Giorgio Armani store would open in the DLF luxury mall, coming up at New Delhi. The Italian designer also plans to tap the urban crowd by introducing it's casual urban lifestyle with affordable brands such as Emporio Armani and Armani Exchange later on in the Indian markets.
The $2-billion designer has a vast portfolio, including Armani Prive, a haute couture range besides Giorgio Armani, Armani Exchange, Emporio Armani, Armani Jeans and Armani Collezioni. The group has also forayed into luxury hospitality segment in a partnership with the Emmar group.