Bestseller cuts ties with Indian partner
Danish fashion house Bestseller is breaking up with Indian partner Prashant Aggarwal.
Bestseller, which owns brands Jack & Jones and Vero Moda, is reportedly unhappy with the way Prashant Aggarwal handled its brands in India.
“Bestseller officials were upset with a few real estate deals that went wrong and impacted its bottom line severely,” said a source close to the matter.
Over the past few years, Indian retail market has attracted many western brands trying to seek growth from the country’s burgeoning young consumer base. One of them is Bestseller, but, its business was not profitable. It did not break-even and reported a net loss of Rs34 crore (about US$54 million).
Meanwhile, rival Inditex, which owns Zara brand, through its partner Trent of Tata Group, has clocked a sales growth of 56 per cent.
Bestseller is said to be in talks with other Indian companies for possible partnerships.