MUMBAI: Reliance Retail and UK-based footwear model Clarks have terminated their joint-venture partnership inked two years in the past. Sources mentioned that variations had emerged between the 2 entities over the phrases of the partnership and that the JV was not “understanding”. Reliance Retail didn’t reply to queries. Clarks couldn’t be instantly reached for remark.
As a fallout of the failed partnership, Clarks has began to shut its shops in India, trade sources mentioned. The model, as an illustration, shut its shops throughout Inorbit Malls about 10 days again and it has additionally just lately closed its shops housed in DLF malls, sources added. Clarks ran over 30 shops in India throughout cities equivalent to Mumbai, Delhi, Bengaluru, Kolkata and Hyderabad in partnership with Reliance Retail, in keeping with the model’s web site. The model has shops in retail institutions like DLF, Inorbit, Lulu and Phoenix malls.
Reliance Retail, with its deep experience within the Indian market and vast sources, has been a most popular companion for a number of world manufacturers trying to enter the market. Nevertheless, Clarks has been working in India for properly over a decade now and had initially been working enterprise within the nation by way of an equal JV partnership fashioned in 2011 with the Kishore Biyani-led Future Group, whose flagship model Future Retail finally entered chapter.
Clarks’ India enterprise is navigating disruptions at a time when a flurry of worldwide manufacturers are widening their footprint available in the market and rising their investments. It’s not instantly clear if Clarks will search a brand new India companion or function available in the market by way of a fully-owned native subsidiary.
As a fallout of the failed partnership, Clarks has began to shut its shops in India, trade sources mentioned. The model, as an illustration, shut its shops throughout Inorbit Malls about 10 days again and it has additionally just lately closed its shops housed in DLF malls, sources added. Clarks ran over 30 shops in India throughout cities equivalent to Mumbai, Delhi, Bengaluru, Kolkata and Hyderabad in partnership with Reliance Retail, in keeping with the model’s web site. The model has shops in retail institutions like DLF, Inorbit, Lulu and Phoenix malls.
Reliance Retail, with its deep experience within the Indian market and vast sources, has been a most popular companion for a number of world manufacturers trying to enter the market. Nevertheless, Clarks has been working in India for properly over a decade now and had initially been working enterprise within the nation by way of an equal JV partnership fashioned in 2011 with the Kishore Biyani-led Future Group, whose flagship model Future Retail finally entered chapter.
Clarks’ India enterprise is navigating disruptions at a time when a flurry of worldwide manufacturers are widening their footprint available in the market and rising their investments. It’s not instantly clear if Clarks will search a brand new India companion or function available in the market by way of a fully-owned native subsidiary.
