This British company cut ties with Isha Ambani's Reliance Retail due to...
With reliance Industries and its affiliates, mukesh ambani is still growing his corporate empire. Through joint ventures and its new brand, the company has entered several markets. It even worked along with overseas businesses to expand its operations. Joint projects, nevertheless, did not always succeed. Recently, a british firm severed its connection with reliance Retail, which is led by Isha Ambani, the daughter of mukesh Ambani.
According to IndiaRetailing, which cited persons familiar with the issue, reliance Retail and UK-based footwear giant Clarks have ended their two-year-old joint venture due to significant disagreements over several parameters of their ongoing cooperation. But as of yet, there has been no formal confirmation. 32 unique Clarks-branded brick-and-mortar stores were run by their joint venture, Clarks reliance Footwear Pvt Ltd, throughout India's major cities, including New Delhi, Mumbai, Bengaluru, Lucknow, Hyderabad, and Chennai.
According to the website, which cited a source, Clarks is set to close all of its stores in india as part of its departure plan from the UK footwear brand. Six mall owners also verified this on the website. According to others, Clark has closed its stores in its malls or is in the process of doing so. According to some, the UK shoe company could think about reorganizing its operations in india and running a single-brand store there.
When IndiaRetailing asked reliance Brands, the reliance Retail division and Clarks' joint venture partner, for comment on the development, reliance Brands did not reply. In india, businesses that operate single-brand retail stores are permitted to have 100% foreign ownership. These businesses are permitted to sell a variety of goods under a single brand name, such as Apple, Puma, or Marks & Spencer.
According to IndiaRetailing, which cited persons familiar with the issue, reliance Retail and UK-based footwear giant Clarks have ended their two-year-old joint venture due to significant disagreements over several parameters of their ongoing cooperation. But as of yet, there has been no formal confirmation. 32 unique Clarks-branded brick-and-mortar stores were run by their joint venture, Clarks reliance Footwear Pvt Ltd, throughout India's major cities, including New Delhi, Mumbai, Bengaluru, Lucknow, Hyderabad, and Chennai.
According to the website, which cited a source, Clarks is set to close all of its stores in india as part of its departure plan from the UK footwear brand. Six mall owners also verified this on the website. According to others, Clark has closed its stores in its malls or is in the process of doing so. According to some, the UK shoe company could think about reorganizing its operations in india and running a single-brand store there.
When IndiaRetailing asked reliance Brands, the reliance Retail division and Clarks' joint venture partner, for comment on the development, reliance Brands did not reply. In india, businesses that operate single-brand retail stores are permitted to have 100% foreign ownership. These businesses are permitted to sell a variety of goods under a single brand name, such as Apple, Puma, or Marks & Spencer.