Thursday, January 4, 2007

Pantaloon may divest stake in Planet Retail JV

This follows the other news about Pantaloon Retail planning to divest its stake in its subsidiaries. Future Group promoter Kishore Biyani is planning to sell a part of his 49% stake in Planet Retail Holdings (PRHL), a JV between Pantaloon Retail and Indonesian retailer Planet Sports promoted by V P Sharma.

Planet Retail has declined to comment on the issue, while Mr. Biyani has denied any such move on his part.

PRHL sells brands such as Marks & Spencer, Guess, Body Shop, Converse and Speedo in India. The group is also likely to introduce the world’s largest coffee chain Starbucks to India in August.

Planet Retail has the licensing rights for a number of other global brands including Wilson, Puma, Speedo, Converse and Zara. In addition, the company has announced foray into department stores through Debenhams, a UK-based chain. It has also entered the health and beauty segment with the launch of The Body Shop, another UK company which was recently taken over by L’Oreal. Planet Retail has over 55 stores across various concepts and formats with a total retail space of over 1 lakh square feet.

Read The Economic Times article for more details.
Related Post: Pantaloon Retail to divest stakes in subsidiary companies

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