The footwear brand shut its stores across Inorbit Malls and has already curtained its other stores in DLF malls as well (Image:Instagram @Clarks Shoes)
Since India’s richest Mukesh Ambani continues to expand his business by shaking hands with foreign entities, a British-based company has now cut ties with Reliance Retail headed by Isha Ambani (daughter of Mukesh Ambani). The UK-based footwear company Clarks furloughed their joint venture due to fallout over the jinxed partnership. The company didn’t disclose further details.
As per the reports, the renowned UK footwear brand Clarks will likely halt all its Indian stores exiting strategic terms. The company is planning to either shut all stores or restructure its business, operating in India as an independent brand retailer.
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The footwear brand shut its stores across Inorbit Malls and has already curtained its other stores in DLF malls as well. It is not sure if the company seeks a new Indian partner or even operates in Indian cities.
Clark’s joint venture Reliance Footwear Pvt Ltd has 32 stores in India branded as brick-and-mortar operating in several cities including Mumbai, Lucknow, Hyderabad, Kolkata, Bengaluru and Chennai and has retail establishments including Lulu, Inorbit, Phoenix and DLF malls.
However, Reliance Retail, headed by Isha Ambani has been a preferred partner for almost 2 years. The operations in Clarks didn’t go well and the owner wasn’t happy with the system, a source said. The brand wasn’t comfortable with Reliance’s policies so they decided to discontinue the partnership, another source stated. It was said that the footwear brand confronted major disruptions operating in India, as a barrage of global brand stores stepped into the market pouring more into the investment sector.
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The England-based footwear brand Clarks entered India in 2009 named ‘Clarks Future Footwear Ltd’ which was a joint venture between Kishore Biyani-led Future Group and the UK company. Later, due to bankruptcy, they parted ways and Clarks shook hands with Reliance Retail in 2022.
