Economic Laws Practice (ELP) advised watches and jewellery retailer Titan in hatching a 49 per cent joint venture with luxury goods maker Montblanc International for single brand retail in India. Montblanc was advised by AZB & Partners.

ELP Mumbai associate partner Vinayak Burman, associate manager Archana Khosla and associates Trishna Sharma and Shubhra Sharma acted for Titan which will now run Montblanc boutiques in India selling its entire range of products, according to Mint.

AZB Mumbai partner Darshika Kothari acted for Montblanc, the Netherlands-based international luxury brand, in its India entry.

Swedish furniture brand IKEA, retailer Hennes & Mauritz and luxury goods group Richemont have been the other foreign firms to open up single brand retail ventures in India since the government allowed 100 per cent foreign direct investment (FDI) in single brand retail in India, reported VC Circle.

Even though under this new FDI policy Montblanc can now enter India entirely on its own, the JV route helps it to avoid the 30 per cent mandatory sourcing norm required for the single brand retail licence, reported the Business Standard.

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