Recode is reporting that Indian textile makers are “throwing around” $1.5 billion dollars to make a new line of clothing in India, according to people familiar with the matter.
The deal is a significant step in the company’s expansion in the country, where it’s manufacturing and selling its own apparel for around a billion dollars a year.
That’s a lot of clothing for a country where clothes prices have been falling for a while.
The apparel industry in India grew at a 4.5% annual rate in 2016.
The new deal, which is worth a total of about $1 billion, is the latest step in a wave of Chinese investment in Indian apparel that’s been accelerating since the end of the financial crisis.