British footwear brand Clarks could close all of its brick-and-mortar stores in India. The development follows the termination of Clarks’ two-year retail agreement with Reliance Industries Limited’s Reliance Retail and could result in an exit strategy from the country.
Clarks retails both casual sneakers and formal leather footwear for men, women, and children – DSI International – Facebook
Clarks has terminated its joint venture with Reliance Retail, Franchise India reported. The businesses decided to end the retail agreement due to significant differences pertaining to numerous terms of the agreement, three people close to the development told India Retailing.
Although Clarks could decide to continue to retail offline in the Indian market as a single brand retailer, one of India Retailing’s sources opined that the business is far more likely to leave the country. The joint venture was named ‘Clarks Reliance Footwear Private Limited’ and operated 32 brick-and-mortar exclusive brand outlets for Clarks, according to Clarks’ website. The stores are located in large Indian cities including Bengaluru, Mumbai, New Delhi, Hyderabad, Chennai, and Lucknow among others.
“We won’t be commenting on this situation,” wrote a Clarks spokesperson in an email response to India Retailing. Clarks has already closed a number of its India stores, located in various shopping malls across the country. The brand specialises in footwear for the whole family with both formal and casual styles available.
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