Vero Moda, Jack & Jones owner may set up multi-brand outlet in India

Denmark-based fashion houseBestseller- the owners of Jack & Jones andVero Moda- may soon open its own store in India. According to a report in TheEconomic Times, the fashion house is likely to apply for entry into India's multi-brand retail segment.

Bestseller now sells its brands in India through franchisee partner Bombay Rayon Fashion.

Earlierreports saidBestseller was planning tosnap its four-year-old franchisee ties with its Indian partner businessmanPrashant Aggarwalamid differences over the way its marqueebrands were handled in the country.

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However, the ET report says that the Denmark-based retailerwill be setting up the store withPrashant Agarwal, managing director of Bombay Rayon.

According to the DIPP website, Bestseller has already filed a proposal to invest in the country's single-brand retail segment with Agarwal.In the proposed venture, Bestseller will hold the permissible 51 percent stake while the rest will be held by Agarwal, the report noted.

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Recently, enthused by Tesco's plan to enter the Indian supermarket segment, Commerce and Industry Minister Anand Sharma had said that another 'European major' will be applying for the multi-brand retail sector.

If Bestseller gets the permission to set up multi-brand retail, all the three brands - Jack & Jones, Vero Moda and Only - would be sold under one roof in India.