.Rep ImageMUMBAI: Dependence Retail and UK-based footwear company Clarks have actually terminated their joint-venture collaboration inked 2 years back. Resources said that distinctions had arised between the 2 entities over the regards to the relationship which the JV was actually certainly not “working out”. Dependence Retail did certainly not respond to inquiries.
Clarks could certainly not be actually right away grabbed comment. As a fallout of the neglected collaboration, Clarks has begun to shut its shops in India, market sources pointed out. The brand name, as an example, shut its own outlets across Inorbit Shopping malls about 10 times back and also it has additionally lately closed its retail stores housed in DLF shopping malls, sources added.
Clarks tromped 30 shops in India across areas including Mumbai, Delhi, Bengaluru, Kolkata and Hyderabad in partnership with Reliance Retail, according to the brand’s internet site. The company possesses outlets in retail buildings like DLF, Inorbit, Doozy and also Phoenix metro malls. Dependence Retail, with its deep-seated expertise in the Indian market as well as vast sources, has actually been actually an ideal partner for many international labels wanting to get into the market place.
Having said that, Clarks has been running in India for more than a decade currently as well as had in the beginning been actually operating organization in the nation with an identical JV collaboration formed in 2011 with the Kishore Biyani-led Future Group, whose front runner brand name Future Retail inevitably went into insolvency. Clarks’ India service is getting through disturbances each time when a spurt of global labels are actually expanding their footprint out there and also increasing their assets. It is not quickly crystal clear if Clarks will certainly seek a new India companion or work out there through a fully-owned local area subsidiary.
Published On Aug 23, 2024 at 02:11 PM IST. Join the community of 2M+ market specialists.Register for our newsletter to acquire latest understandings & evaluation. Install ETRetail App.Acquire Realtime updates.Spare your preferred write-ups.
Scan to download Application.