(source: Times of India)

LVMH looks likely to close a deal with a local partner that will bring Sephora to India by the end of 2012.

New Delhi-based Genesis Luxury Fashion is expected to execute Sephora's introduction into India, reports the Times of India. LVMH is already tied up with Genesis as LVMH's private equity arm, L Capital, purchased a 25.5% stake in Genesis in 2011.

The LVMH move comes a little over a month after the government of India deferred foreign direct investments in the multi-brand retail industry.

Sources said LVMH had been in discussions with multiple suitors, including Parcos and Reliance Retail, a part of India's largest private-sector company, Reliance Industries.

Sephora operates 1,200 stores globally.

(Posted 23 Jan 2012)