Brooks Brothers,the oldest US garment retailer,is all set to enter the Indian market,as the Indian Government has given a green signal in response to the firm's application for setting up outlets in the country.
Foreign Investment Promotion Board,the foreign investment regulator in India,announced that it has cleared the proposal from the US luxury-apparel retailer.
Brooks Brothers,which has the distinction of introducing the first ready-to-wear suits in 1845,had announced a plan in June this year to establish a joint venture with Reliance Brands,owned by Mukesh Ambani of Reliance Industries.
The US firm was also the first to import the popular chequered madras fabric from the southern part of India to North America,way back in the 1920s.Brooks Brothers is one of the few companies that have decided to penetrate the US$500-billion Indian retail market after the Government relaxed the norms for entry of foreign direct investment(FDI)in the country's retail segment.
Founded in 1818 by Henry Sands Brooks as the first ready-to-wear fashion emporium in the US,over time Brooks Brothers has become an institution that has shaped the American style of dress through fashion innovation,fine quality,personal service,and exceptional value in its products.
