India is set to open Foreign Direct Investment in the luxury goods market, Union Commerce Minister Kamal Nath said on Friday.
Inaugurating the Hindustan Times Luxury Summit in Mumbai, the minister said, "We are now looking at formulating a policy that does not displace or disturb the small retailers and neighbourhood stores."
"Luxury brands do not pose any such threats to the neighbourhood stores," Kamal Nath assured.
"You will not have to wait long for this to happen, he said, referring to the FDI in this sector.
India's first style summit opened in the backdrop of top international brands.
Speakers from the house of Gucci, Oberoi, Kenzo, Jimmy Choo, Altagamma and Villa Moda will share their knowledge and experiences, and discuss India’s future as a world-class supply base for luxury houses and as a consumer of luxury goods.