As per the recent report of Economic Times; BinHendi Enterprises, a Dubai-based conglomerate that operates fashion brand Hugo Boss’s retail network in India, is looking to expand its presence in the country.
“We are looking at several new projects in India. For Hugo Boss, we should open three new stores in some time soon,” said Mohi-Din BinHendi, President of Bin-Hendi Enterprises, which primarily operates in fashion and lifestyle retail, besides construction and media.
The company, which currently operates two Hugo Boss outlets in Delhi and Mumbai, plans to bring other high-end international brands into the country. Most recently, the company was in talks with Italian brand Billionaire to set up its shops in India, however dropped out due to ‘lack of suitable retail locations’. The company has had a mixed bag of successes and failures in India in the past.
BinHendi expects better days with the coming to power of what promises to be a stable government in the country and signs of improvement in the economy and consumer sentiment. With India’s infrastructure improving and new mall development, growth in retail and lifestyle sectors are set to grow, he said.
“We are looking at different locations in India, including the tier one and tier two cities to open clothing stores and restaurants,” BinHendi said.
He said it was important for the new Narendra Modi’s government to clarify its stand on allowing foreign direct investment in retail. India’s policy in this regard had not been very investor friendly and should be looked at with immediate effect, he added.