DENMARK: Bestseller tight-lipped on FDI application
Danish fashion retailer Bestseller has declined to comment on reports it has applied for foreign direct investment (FDI) in India for its casual wear brand Jack & Jones.
According to a report in The Business Standard, Bestseller's Indian arm, United India Comforts, sent its single-brand retail proposal to the Department of Industrial Policy and Promotion last week.
But a spokesperson for Bestseller told just-style: "We do not wish to comment on our future plans in India nor give speculations for the future of the Indian market."
The Indian government agreed to allow 100% foreign direct ownership in single-brand retail in January last year.
The move was aimed at attracting investments in production and marketing, improving the availability of goods, encouraging increased sourcing of products from India and enhancing the competitiveness of Indian companies.
At the end of last year, Swedish fashion retailer H&M was given the go-ahead to open 50 single-brand retail stores in India, and Massimo Dutti's proposal to sell its clothing in the country was approved.
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