IndiaRetailBiz

Pantaloon Retail, the country’s largest muli-format, multi-products, listed retailer, part of Kishore Biyani-led Future group, has decided to severe its commercial ties (joint ventures) with Planet Retail Holdings and Blue Foods.

Planet Retail Holdings Pvt. Ltd., a joint venture between Kishore Biyani  (49 per cent) and V N Sharma (an Indonesian resident of Indian origin), operates several retail chains in lifestyle segment for products covered under fashion and sports categories. While, the JV operates Planet Sports, Sports Warehouse and The Athlete’s Foot under sports segment, it operates Guess, Next and Women’s Secret, among others, in fashion segment. The company had recently ventured into beauty segment with the launch of The Body Shop stores in India. Prior to Mark & Spencer’s tieup with Reliance, Planet Retail was also operating 14 stores of the UK-based iconic fashion and homeware brand in India.

According to Kishore Biyani, Planet Retail JV had to be terminated because Pantaloon is already in a sports business, which has now become a wholly owned subsidiary of Pantaloon.

Blue Food, on the other hand, operates several restaurant chains under brand names of Bombay Blue, Noodle Bar and Copper Chimney, among others. The JV with Blue Foods, operating under the name of Pan India Food Solutions, had to be terminated because Blue Foods has already merged into a different entity.

According to Sunil Kapur, chief executive officer of Blue Foods, no operational or management changea are envisaged as a consequence of termination of the JV. It may be recalled that Indivision Capital, a private equity (PE) firm, had agreed to invest Rs 100 crore in Blue Foods in October 2008.