BENGALURU: Tata-owned retail firm Titan Company has ended its five-year vulnerable joint challenge partnership with luxury pen and behold maker Mont Blanc by mutual agreement. Titan, which sells watches, jewelry and eyewear, took the choice to exit the JV partnership with Montblanc pushed by the corporate’s consolidation technique to point of interest on their predominant industry and proprietary brands, the corporate said in a submitting on Thursday to the BSE.
C K Venkataraman, managing director of Titan Company Dinky, said, “We’ve made up our minds that at some stage in these moderately demanding cases our predominant industry must dangle priority. Both events respect tremendously benefitted from this partnership, and our relationship with Montblanc stays tough and obvious.”
The joint challenge of Montblanc develop into once fashioned by organising a company Montblanc India Retail Pvt Ltd in 2014 by which Titan holds 49% stake. Throughout the five-year partnership Montblanc established footprint within the country with 12 boutiques in most principal metros and ecommerce industry by luxury online portal TataCliq.
Titan’s exit permits Montblanc to change accurate into a completely-owned subsidiary within the country.
“The partnership with Titan allowed us to set Montblanc as a luxury Maison with principal presence in India on the present time. That is a market that holds tough long-duration of time doubtless for Montblanc, and we now change accurate into a completely owned subsidiary,” said Nicolas Baretzki, CEO of Montblanc Worldwide, in a press observation.
In line with the joint challenge agreement, this partnership will stay in December.