French fashion retailer Etam, which in a 50:50 joint venture with Kishore Biyani-led Future group, is operating 14 exclusive branded stores and another 37 shop-in- shops under Etam brand across the country has, according to an HBL report, decided to withdraw from the joint venture.
The development comes close on heels of Future group’s withdrawal from another joint venture with Alpha group for airport retail.
Although, Kishore Biyani has yer to confirm the development, according to a Future group official, “Etam and us have decided to part ways as its product profile did not fit into our customer profile.” One of the main reasons for pullout is said to be steep custom duty and increased exchange rate Euro that have made prices of imported stuff to be non-viable in the Indian market. The French retailer is said to have been reluctant to bring down its prices.
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