.Agent ImageMUMBAI: Reliance Retail and also UK-based footwear brand name Clarks have actually terminated their joint-venture collaboration tattooed pair of years back. Sources mentioned that distinctions had actually arised between the two entities over the terms of the relationship which the JV was not "working out". Reliance Retail performed not respond to questions. Clarks can not be quickly reached for comment. As a fallout of the neglected relationship, Clarks has actually begun to shut its retail stores in India, industry resources mentioned. The brand, for example, shut its establishments across Inorbit Shopping centers about 10 days back and also it has likewise lately closed its own stores housed in DLF shopping malls, sources incorporated. Clarks overruned 30 establishments in India around urban areas including Mumbai, Delhi, Bengaluru, Kolkata and also Hyderabad in collaboration with Reliance Retail, according to the brand's internet site. The label has shops in retail establishments like DLF, Inorbit, Doozy and also Phoenix stores. Dependence Retail, with its deeper expertise in the Indian market as well as wide sources, has been actually a popular partner for numerous international labels looking to go into the market place. Having said that, Clarks has actually been actually functioning in India for more than a many years now as well as had initially been managing service in the country through an identical JV alliance formed in 2011 along with the Kishore Biyani-led Future Team, whose flagship brand Future Retail at some point got in insolvency. Clarks' India business is navigating disturbances each time when an outbreak of international labels are actually broadening their footprint in the marketplace as well as enhancing their financial investments. It is not promptly crystal clear if Clarks are going to look for a brand new India partner or work in the marketplace through a fully-owned nearby subsidiary.
Published On Aug 23, 2024 at 02:11 PM IST.
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