.Rep ImageMUMBAI: Reliance Retail and also UK-based footwear company Clarks have terminated their joint-venture partnership inked pair of years back. Sources claimed that variations had surfaced between the 2 companies over the relations to the partnership and also the JV was actually certainly not "working out". Reliance Retail did not react to queries. Clarks might certainly not be actually quickly grabbed remark. As an after effects of the failed relationship, Clarks has actually begun to shut its own stores in India, market resources pointed out. The brand name, for instance, shut its own establishments all over Inorbit Shopping malls about 10 times back and also it possesses likewise recently shut its own shops housed in DLF stores, sources incorporated. Clarks overruned 30 shops in India around areas including Mumbai, Delhi, Bengaluru, Kolkata and also Hyderabad in partnership with Dependence Retail, depending on to the company's web site. The brand name has shops in retail facilities like DLF, Inorbit, Doozy and also Phoenix shopping malls. Dependence Retail, with its deep-seated expertise in the Indian market as well as broad resources, has actually been actually a favored partner for numerous global companies wanting to enter into the market. However, Clarks has actually been operating in India for well over a decade currently and had in the beginning been actually running service in the country with an equal JV alliance developed in 2011 along with the Kishore Biyani-led Future Group, whose front runner brand Future Retail eventually entered into bankruptcy. Clarks' India service is navigating disturbances at once when a flurry of worldwide brand names are broadening their footprint in the market and boosting their investments. It is certainly not immediately clear if Clarks will find a new India partner or even function in the market through a fully-owned regional subsidiary.
Published On Aug 23, 2024 at 02:11 PM IST.
Participate in the neighborhood of 2M+ market professionals.Sign up for our email list to acquire most up-to-date knowledge & study.
Download And Install ETRetail Application.Obtain Realtime updates.Save your favourite posts.
Browse to download and install Application.