Tiffany & Co. is close to forging a partnership to enter India, the Economic Times reported cited by Rapaport. The luxury jeweler is said to be in talks to form a 51 percent joint venture with former actress Reena Wadhwa, who currently has a joint venture with Gucci in the country.
“The deal is on the table now and could be signed soon,” the Economic Times quoted an unnamed person familiar with the negotiations.
The report stated that Wadhwa confirmed the talks but stressed that nothing has been finalized.
Laurent Cathala, vice president of emerging markets at Tiffany added that the company has been pursuing potential partners and will announce the details of a business structure in India once they have been finalized, the Economic Times reported.
Last week, Tiffany announced that it has formed a joint venture company with Dubai-based jeweler Damas International to develop its business in the United Arab Emirates.
Cathala added that Tiffany views India as an attractive long-term growth opportunity.
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