Isha Ambani Company: The partnership between Reliance Retail and British partner Clarks has ended
Isha Ambani Company: The partnership between Reliance Retail and British partner Clarks has ended. Britain's popular footwear brand Clarks has broken its deal with Reliance Retail. After ending the partnership with Reliance, Clarks has started closing its stores in India
Reliance Retail: India and Asia's richest industrialist Mukesh Ambani is working on business expansion. The company has partnered with many foreign companies in the last few years. Especially in the retail sector, the company is continuously expanding its reach. Isha Ambani, who is heading Reliance Retail, has brought companies from China, America, and Britain to India, but now a big company has broken its partnership with Reliance Retail.
The company broke the deal with Mukesh Ambani
The partnership between Mukesh Ambani's company Reliance Retail and British partner Clarks has ended. Britain's popular footwear brand Clarks has broken its deal with Reliance Retail. Let us tell you that Reliance Retail and Clarks had a partnership only two years ago. Both had formed a joint venture. According to ET's report, now this deal has broken due to differences.
Why did the Reliance deal break?
According to the report, differences started arising between the two companies regarding the terms of the partnership. After this both the companies were not able to work as a joint venture. Instead of escalating this dispute, both decided to end the partnership. However, no statement has been given by Reliance and Clarks regarding the breaking of the partnership.
stores are closing down
After ending the partnership with Reliance, Clarks has started closing its stores in India. The company has started winding down its business in India. Recently, the British footwear brand closed its store in Inorbit Mall. Clark stores were also closed in DLF Mall.
what was the deal
Reliance and British footwear brand Clarks had partnered to open 30 stores in India. Under this deal, Reliance Retail was opening Clarks stores in cities like Mumbai, Delhi, Bangalore, Kolkata, and Hyderabad. Let us tell you that Reliance Retail has more than 18 thousand stores across the country. The company has a large user base. Reliance is a name and a safe investment. In such a situation, Reliance Retail is the first choice of foreign brands doing business in India.
Business in India for a decade
British company Clarks had partnered with Future Group in 2011 before Reliance Retail, but after Future Group went bankrupt, the company needed a new partner. The company joined hands with Reliance Retail for this, but now this partnership is also facing problems. In such a situation, it is believed that after breaking the partnership with Reliance, Clarks is looking for a new partner or continuing its business in India as an independent subsidiary.