Economists raised their full-year projections for India’s economy sharply after data on Thursday showed growth outperformed last quarter, fueled by a manufacturing boom.Barclays Plc and Citigroup Inc predict the economy will now expand 6.7% in the fiscal year ending in March, up from previous forecasts of 6.3% and 6.2%, respectively. Several other analysts also bumped…
India will soon start keeping a record of its export and import of recycled textiles, as the government plans to track the trade of products made from regenerated fibres and measure the growth of the circular textile economy. The textiles ministry has kick-started the process to create separate tariff codes – called HSN (harmonised system…
Mumbai: Diamond houses, jewellers, and gem stores will soon be blacklisted by banks if they fail to disclose the ‘ultimate beneficial owners’ (UBOs) of their trading partners. Identifying the UBOs, or the true owners, would test the genuineness of foreign buyers and sellers, curb sham exports and imports, and expose rogue firms using cross-border trades…
Tanishq, an Indian jewellery brand, has opened its store here and in Frisco as part of its global business expansion strategy and to cater to the growing needs of the Indian diaspora in the US. The US state of Texas, with the second largest Indian Diaspora, is now home to two of Tanishq’s stores, one…
Foot Locker‘s steep discounts powered a solid start to the retailer’s holiday season sales and prompted it to tighten its annual profit and sales expectations, sending its shares surging as much 22% on Wednesday. More than 200 million shoppers made purchases both in-store and online during the Thanksgiving weekend, the National Retail Federation said on…
ZURICH: Richemont, owner of jeweller Cartier, said on Wednesday it would not inject any cash into online luxury retailer Farfetch, following a report that the latter was exploring going private. Farfetch founder Jose Neves is considering the move after a troubled New York Stock Exchange listing for the loss-making British company, and is working with…
PARIS – Fashion group SMCP, owner of French fashion labels Sandro and Maje, said on Thursday it signed a deal with Reliance to expand into India and will join other high-end European brands opening stores in the Jio World Plaza mall in Mumbai. “There aren’t a lot of accessible luxury fashion labels in India so…
Last week, the initial public offering (IPO) market in India experienced a flurry of activity with the launch of IPOs by five companies, including Tata Technologies, Ireda, Flair Writing Industries, and Gandhar Oil Refinery. This surge in IPOs has sparked conversations about the grey market and grey market premium (GMP). Let us delve into what…
Representative image India matters, and all over the world, luxury brands are looking at India, says Bénédicte Epinay, CEO of Comité Colbert, the official luxury association of France that represents 93 luxury brands and behemoths such as LVMH, Chanel and Kering. “Is India the next promising market? There are obstacles such as custom duties and…
The country’s largest bank, the State Bank of India, has taken possession of two residential properties owned by PC Jeweller Ltd. in New Delhi after the firm and its guarantors failed to repay Rs 1,168.90 crore. In a notification, the lender cautioned the public not to deal with the property and that any dealings with…
