Bestseller to boost India network
Danish fashion retailer Bestseller is reportedly planning to invest US$30 million in developing single brand retail stores for two of its brands.
Bestseller will open exclusive Vero Moda and Only womenswear stores, according to a report in VCCircle
The online publication questioned if the move may signal a parting of the ways with existing local partner Prashant Agrawal.
Bestseller also owns the Jack & Jones menswear chain in India and runs stores under all three banners in China and other Asian markets.
Danish billionaire Anders Povlsen and family-owned Bestseller owns about 38 per cent of local partnership Bombay Rayon, which is majority Indian controlled.
A Bestseller spokesperson told VCCircle: “The restructuring of our Indian business is still ongoing and as such, we cannot comment on any speculations. Once a final structure is in place, we will be able to provide more information.”
Bestseller has a Singapore-based subsidiary which had successfully applied to Indian authorities to establish single brand retail stores under the Foreign Direct Investment program.
The Danish company was founded by Povlsen in 1975, originally focussed on women’s fashion. It introduced children’s clothing in 1986 and menswear in 1988. The company employs more than 41,000 people and has a network of more than 5700 stores in markets including Europe, the Middle East, Canada and Asia. Its other brands include Vila, Mamalicious, Pieces, Selected and Junarose.