Reliance Retail, Clarks Call Off Joint Venture

Reliance Retail and British shoemaker Clarks have ended their two-year joint venture due to differences in terms of engagement. Clarks Reliance Footwear Pvt Ltd had operated over 30 exclusive Clarks stores in major Indian cities. The stores are now closing, and Clarks had previously partnered with Future Group and Reliance Brands Ltd.

Reliance Retail and British shoemaker Clarks have mutually decided to end their joint venture of two years, an industry insider revealed.

The decision comes on the back of unresolved differences regarding engagement terms, leading to the closure of over 30 exclusive Clarks-branded stores across major Indian cities including New Delhi, Mumbai, and Bengaluru.

Attempts to get comments from Reliance Retail were unsuccessful, and Clarks Global declined to comment on the matter. This marks another setback for Clarks, which previously had a terminated joint venture with Future Group due to financial difficulties.

(With inputs from agencies.)