American sportswear firm Nike Inc has filed for setting up a wholly owned subsidiary in India to sell its own brand of products.
Nike India Pvt Ltd has filed the application with the Department of Industrial Policy and Promotion on August 29, the department’s website showed.
Nike entered India about two decades ago and currently operate through around 400 franchised stores in the country. According to the filling, it now plans to open its own flagship stores.
IKEA and Hennes & Mauritz are among other prominent firms that are aiming to set up shop in India since the nation removed investment barriers for foreign single-brand retailers in 2012.
“Nike currently operates its business here through local distributors and retail partners. This model works well for us and we may consider exploring opening Nike owned stores in the future,” a company spokesman said.
