Subsidiaries of Gucci and Daiichi go in for voluntary liquidation

Japanese drug maker seeks to wind up India presence; Italian fashion major starts India operations directly with local tie-ups

Two multinational firms, Gucci and Daiichi Sankyo, have decided to send off their Indian subsidiaries for liquidation under the Insolvency and Bankruptcy Code (IBC). 

Earlier, Gucci India Private Limited was a company Gucci intended to operate as a wholly-owned subsidiary in India, but now it would be wound up because the global luxury brand, instead of using the wholly-owned subsidiary, got into local partnerships and started operating in India. This is the reason Gucci India Private Limited applied for voluntary liquidation, a source said.

Gucci will continue to operate through its local partnership. The source said that since Gucci India