DIPP approves FDI proposal for single-brand retail sector

New Delhi: The Department of Industrial Policy and Promotion (DIPP) on Friday said it has cleared a proposal of Christian Louboutin FZCO in the single-brand retail sector.

"Proposal of Christian Louboutin FZCO for acquiring 51 per cent of the equity shares capital of Christian Louboutin India Pvt Ltd and for addition of handbags, cosmetics and jewellery/imitation jewellery to the list of products approved in the previous approval," according to the DIPPs Foreign Investment Facilitation portal.

The portal was set up after the winding up of the foreign investment promotion board. FDI into the country grew 9 per cent to USD 43.47 billion in 2016-17.