Indian fashion house Genesis Colors has today (6 August) denied it is in talks to acquire the Indian franchise rights to brands including Next, Debenhams and Nautica.

A spokesperson for Genesis Colors said the company is "not in talks" and the reports were "just speculation".

Indian textile and apparel manufacturer Arvind Group is also rumoured to be in the race to acquire the franchise rights from Planet Retail Holdings, according to the Financial Chronicle.

Meanwhile, Arvind Group said: "It is our corporate policy not to respond to any market speculation." 

The report added however, that Indian retailer Reliance Brands, which was also eyeing the three brands previously, is no longer looking to acquire the franchise rights.

The Financial Chronicle also noted that the sale price could be between 1.5-2 times sales, based on the locations of the stores, the lease deals and other agreements.

Planet Retail Holdings did not respond to requests for comment when contacted by just-style.