Confirming the developments, Rakesh Biyani, director, Future Group, said: “India was not Lee Cooper’s focus area and it didn’t want to invest here. Probably, that is why it has exited the joint venture.”
Meanwhile, the company has tied up with a French apparel firm to retail its products in the country. “Our proposed joint venture with Celio will bridge the gap between the mass market and high-end luxury segments, as the brand will retail products in the price range of Rs 1,500 to Rs 3,000,” informed Biyani.
Biyani added that the JV is a part of the company’s plans to add another three to four million square feet of retail space in the current fiscal.
The company will formally announce its agreement with Celio in July this year and is planning to open first store by the end of October.
The company also inaugurated its ‘Replay’ brand stores in Delhi on Wednesday. Pantaloon has entered into an exclusive tie-up with an Italy-based firm, Fashion Box Group to open ‘Replay’ brand stores in India through master franchise agreement to retail fashion accessories.