Bestseller Ends Contract with Prashant Aggarwal

Bestseller, a fashion house based in Denmark, has decided to break ties with its four-year-old Indian partner Prashant Aggarwal. The reason being the owners of Vero Moda and Jack & Jones disliked the way the master franchisee in the nation handled the business of their marquee brands.

“Bestseller officials were upset with a few real estate deals that went wrong and impacted its bottomline severely,” said one of the persons aware of the situation.

Now for all the three brands, a new company is being looked for by Bestseller in India. However, Jesper Stubkier, a Bestseller spokesperson in Denmark, did not comment on anything.

Deepak Sharma, Co-founder, consulting firm Kanvic, said, “Players representing over 30 per cent of the total apparel retail space in 2008 have either closed down or sold their business. Retailers representing a further 22 per cent are currently struggling and are reducing the size of their business or actively looking to sell.”