Reliance Retail Ventures Ltd (RRVL), the retail arm of billionaire Mukesh Ambani-led Reliance Industries, crossed Rs 3 trillion in revenue in FY24.
The country’s leading retailer Reliance Retail and British footwear maker Clarks have ended their two-year-old joint venture, an industry source said.
The two partners have had differences over certain terms of their engagement, after which they have decided to part ways, the source said.
While an email sent to Reliance Retail seeking comment went unanswered by the time of filing the story, Clarks Global declined to comment on the development.
“We will not be commenting on this,” Clarks spokesperson said while responding to PTI’s email.
The joint venture, Clarks Reliance Footwear Pvt Ltd, operated more than 30 exclusive Clarks-branded brick-and-mortar stores in New Delhi, Mumbai, Bengaluru, Lucknow, Hyderabad and Chennai, according to the company’s India website.
As partners have moved away, these stores are closing, the industry source added.
Previously, Clarks had a partnership with Kishore Biyani-led Future Group. It had entered India with a 50:50 joint venture arrangement with Future Group. However, the joint venture, Clarks Future Footwear, was dissolved after Future Group started facing financial difficulties.
Clarks has also partnered with Reliance Brands Ltd (RBL), a unit of Reliance Retail, which operates a number of foreign sister brands.
RBL started its operations in 2007 with a mandate to launch and build global brands in luxury to premium segments in fashion and lifestyle.
It has a portfolio of brand partnerships with leading global brands including Armani Exchange, Burberry, Canali, Coach, Diesel, Dune, Emporio Armani, Gas, Giorgio Armani, Hamleys, Hugo Boss, Jimmy Choo, Michael Kors, Versace, Villeroy & Boch and West Elm.
Reliance Retail Ventures Ltd (RRVL), the retail arm of billionaire Mukesh Ambani-led Reliance Industries, crossed Rs 3 trillion in revenue in FY24.
(Only the headline and image of this report may have been reworked by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First published: August 23, 2024 | 20:06 IS
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