Reliance Retail, British shoemaker Clarks terminate 2-yr old joint venture

The country's leading retailer Reliance Retail and British Shoe maker Clarks have terminated their two-year old joint venture, an industry source said.

Differences between both partners have emerged regarding certain terms of engagements, following which they have decided to part ways, said the source.

The JV, Clarks Reliance Footwear Pvt Ltd operated over 30 exclusive Clarks-branded brick-and-mortar stores in New Delhi, Mumbai, Bengaluru, Lucknow, Hyderabad, and Chennai, according to the company's India website.