Future Group`s declaration to terminate JV with Planet Retail & Blue Foods

Pantaloon Retail, India`s largest multi-format, multi-products, listed retailer, subsidiary of Kishore Biyani-led Future group,
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Pantaloon Retail, India`s largest multi-format, multi-products, listed retailer, subsidiary of Kishore Biyani-led Future group, has declared to discontinue its commercial joint venture tie-up with Planet Retail Holdings and Blue Foods. While commenting on the break-up of tie-up, Kishore Biyani commented, “Our association with Planet Retail had to be terminated because Pantaloon is already in a sports business, which has now become a wholly owned subsidiary of Pantaloon.” Conversely, Sunil Kapur, CEO, Blue Foods revealed, “No operational or management changes are envisaged as a consequence of termination of the joint venture.” Planet Retail Holdings, a joint venture between Kishore Biyani (49 per cent) and V N Sharma (an Indonesian resident of Indian origin), runs several retail chains in lifestyle segment for products covered under fashion and sports categories. While, the joint venture operates Planet Sports, Sports Warehouse and The Athlete`s Foot under sports segment, in the fashion segment it operates Guess, Next and Women`s Secret. The company had also forayed into beauty segment by launching The Body Shop stores. Blue Food runs several restaurant chains under the brand names of Bombay Blue, Noodle Bar and Copper Chimney amongst others. The association with Blue Foods that was operating under the name of Pan India Food Solutions had to be ended since Blue Foods has already merged into a different entity.
 
 
 
 
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