Bestseller writes for FDI

Denmark based retailer Bestseller has written to Department of Industrial Policy and Promotion (DIPP) to bring foreign direct investment (FDI) into its casual wear brand Jack & Jones. The proposal has been made under the single-brand retail segment, in which up to 100 percent FDI is permitted.

Bestseller is all set to end its four-year-old franchisee agreement with businessman Prashant Aggarwal, who ran the stores of three of its brands.

Speaking on the development, Jesper Stubkier, Communication Coordinator, Bestseller, said, “We do not wish to comment on our future plans in India.” Sources said Bestseller was also exploring options to apply to the government to bring FDI under multi-brand retail, as it owned multiple brands. “It needs to find a partner if it has to come under the multi-brand retail segment. It is studying options,” said a person privy to company’s plans. In multi-brand retail, up to 51 per cent FDI is allowed.

Jack & Jones runs about 100 shop-in-shops and 50 exclusive brand outlets in India.