The Future Group owned Footmart Retail Ltd, the 49:51 joint venture between Liberty Shoes and Pantaloon Retail forged in 2005 is getting reviewed with the possibility of a change in its shareholding pattern, reports Business Line.
“The details of the restructuring are, however, yet to be finalised,” said Anupam Bansal, executive director, retail, Liberty Shoes to Business Line.
With intentions of restructuring the footwear retailing business, a new vertical is being set up to streamline the business going forward, added the report.
“We are considering new possibilities and there could be fresh opportunities under the joint venture. There has already been some amount of realignment within the business and there is now a new vertical for footwear retailing with streamlining of operations within the Group,” said Rakesh Biyani, director and CEO (Retail), Future Group to Business Line.
At the time of launching the joint venture company in 2005, Footmart Retail had planned to operate in two distinctive store concepts — while Shoe Factory would stand for value format, Pairs was expected to be an exclusive lifestyle format of stores. The purpose behind forging the venture was to combine the retail expertise of Pantaloon with Liberty’s sourcing, merchandising and designing strengths.
— IndiaRetailing Bureau