The joint venture formed by the fashion giant and green industry investor Vargas in March aims to start building two commercial facilities by 2025.

The import tax exemption, officials argue, allows the companies to undercut rivals and avoid customs inspections of their products.

The apparel maker’s shares, which have risen about 16 percent so far this year, were down 4.5 percent in pre-market trade after the company also forecast current-quarter revenue growth below estimates.

The French media and business conglomerate said the sale of Paris Match, which mixes coverage of current affairs with photos of celebrities and royalty, could be completed by the end of September.

Tira, which was launched by billionaire Mukesh Ambani’s conglomerate in April last year, also uses electronic vending machines in its stores to dispense free samples of skincare products, according to Tejas Kapadia, head of marketing of the year-old startup that has 12 stores across India and a website.

The Swiss brand out-sparkles rivals with a strategy aimed at driving sales as well as image. This year the company dressed Greta Gerwig, Demi Moore and Bella Hadid as well as hosting clients to view (and purchase) its high jewellery range.