Fossil applies to enter India through wholly-owned route-TV

Mon Oct 15, 2012 10:59am EDT

Oct 15 (Reuters) - U.S. accessories manufacturer Fossil Inc is the third overseas retailer to apply to India's government to enter the market through a 100 percent owned operation, a local television station said on Monday citing unnamed sources.

A spokesman for Fossil, which already has a distribution agreement to sell their watches, jewellery, handbags and leather goods in India, could not be reached by Reuters for comment.

Fossil would follow Sweden's IKEA and U.K. shoe retailer Pavers in applying for permission to enter the country through a wholly-owned business, ET Now reported.

India removed a cap on foreign investment in single-brand retail in January.

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