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Footmart JV on shaky grounds
11
Oct '08
News floating around the retail business is that Footmart Retail, the much hyped JV between Pantaloon Retail (Future Group) and Liberty Shoes, is having some problems.

Sources from Future Group informed Fibre2fashion, that the proposed project did not take off the expected way, however the Company is planning to take it forward, so that both sides continue to remain partners in the business.

Group sources said that operational control might incline more towards them as they plan to supply more funds to the JV signed in 2007. This step is one of the measures to keep the Footmart Retail project alive.

Experts believe that the probable reason for the venture being shaky is its format, which is too large, leading to weak profitability.

Insiders say that with the growing pressure on operational costs and thinning margins in organized retail, the Group is keen to promote avenues where margins could be higher, especially in the fashion segment.

Fibre2fashion News Desk - India

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