Montblanc and Titan Company Limited, a consumer retail company within the Tata Group, announced the ending of their joint venture partnership in India. The decision enables Montblanc to become a wholly owned subsidiary in the country.
During the five-year partnership which began in 2015, Montblanc opened 12 boutiques in major cities across the country and established a fast-growing e-commerce business through the luxury online portal TataCliq. Today Montblanc is a leading global luxury Maison with the largest footprint in the country.
Commenting on the next stage of the Maison’s business in India, Nicolas Baretzki, CEO of Montblanc International, said: “We are grateful for our partnership with Titan – it is one that has allowed us to establish Montblanc as a luxury Maison with significant presence in India today, and set us on course for the next chapter of our journey. This is a market that holds strong long-term potential for Montblanc, and it is a mark of confidence that we now become a wholly owned subsidiary.”
Titan’s decision to exit the joint venture agreement was driven by the company’s consolidation strategy to focus on their primary business and proprietary brands, the Company said in its press release.
C K Venkataraman, Managing Director of Titan Company Limited, said: “We have decided that during these rather challenging times our primary business must take precedence. Both parties have greatly benefitted from this partnership, and our relationship with Montblanc remains strong and positive.”
In accordance with the joint venture agreement, the partnership will end in December 2020.
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