Denmark-based apparel brand Bestseller has applied to India’s Department of Industrial Policy and Promotion (DIPP) to bring foreign direct investment (FDI) into its casual wear brand Jack & Jones, reports Business Standard.
The proposal to the DIPP has been forwarded by United India Comforts, the Indian arm of Bestseller, under the single-brand retail segment, in which India permits up to 100 percent FDI.
Bestseller is in India for the last four years through franchisee agreement with a local firm, and it is reported that the company is in the process of ending its agreement.
Besides Jack & Jones, Bestseller also runs two other brand—Vero Moda and Only—in India.
Jack & Jones has presence in India through about 50 exclusive brand outlets (EBOs) and 100 shop-in-shops. It has a formidable global presence with about 1,000 stores spread across 38 countries. Its products are also sold in nearly 12,000 multi-brand outlets (MBOs) and department stores, globally.
Since the Government of India opened the single-brand retail sector for 100 percent FDI in 2011, it has cleared proposals of several global brands, including the application of Swedish home textiles and furnishings retailer IKEA and apparel retailer H&M.
Bestseller Retail India’s sales nearly doubled to Rs. 2.35 billion in fiscal year 2012-13.