Zurich based, Swiss firm Nuance Group, which is dedicated to the concept of Innovation in all its forms- exciting shop concepts, range of products and pioneering collaborations, has obtained permission to bring in Rs 25 crore as FDI investment in the country. Nuance Group, which plans to set up duty-free shops at airports in India, was among 18 applicants whose proposal for FDI was cleared by the government of India on Thursday.
It may be recalled that Raheja owned Shoppers’ Stop has recently tied up with the Nuance group for this purpose. Nuance Group’s proposal is to undertake operation and management of duty-free shops, food and beverage outlets at airports in Mumbai, Bangalore, Hyderabad and other places.
Besides, the proposal of Italian company Ermenegildo Zegna Holditalia, the world leader in men’s fine clothing, which wants to set up a single brand ‘zegna’ retail stores in India has also been approved by the government. The $865 million Zegna is a competitor to such world known brands as Gucci, Armani and Gianni Versace.