New Delhi: Commerce and Industry Minister Piyush Goyal met senior officials from French luxury goods major LVMH Moet Hennessy Louis Vuitton SE and discussed opportunities on strengthening manufacturing in India.
The ministry had a productive meeting with Vincent Astoux, International Relations Director of LVMH, in the national capital.
“Discussion focused on strengthening manufacturing in India to expand exports, investing in local talent, promoting Indian culture through future collaborations, and advancing balanced and mutually beneficial trade partnerships,” Goyal posted on X.
Last year, L Catterton, a private equity firm backed by LVMH, the luxury goods conglomerate behind brands such as Louis Vuitton and Dior, announced to raise $600 million for its debut India-focused fund.
Meanwhile, Goyal also met senior officials from the French beauty and personal care major L’Oréal Groupe and discussed strengthening sourcing, manufacturing, and exports from the country.
“Held a meeting with a delegation led by Vismay Sharma, President–South Asia Pacific, Middle East and North Africa Zone, at @LOrealGroupe. Discussions focused on strengthening sourcing, manufacturing, and exports from India,” Goyal posted on X social media platform.
The minister further stated that “given that L’Oréal launched the world’s largest Beauty Tech Global Capacity Centre in Hyderabad recently, explored avenues to unlock greater opportunities for India’s beauty and personal care sector”.
In January this year, the French cosmetics giant announced to set up a beauty tech and innovation hub in Hyderabad with an initial investment of about $383.4 million. It aims to be a global base for AI driven beauty innovation and create 2,000 tech jobs through 2030.
The bilateral trade between India and France have remained steady between 9.17–12.50 billion euros range in five years, ending FY 2024-2025. The total trade for FY 2024-2025 was 12.67 billion euros, with exports from India at nearly 6.67 billion euros.
(IANS)
