Future Group, Clarks in JV for footwear retail

Kishore Biyani-promoted Future Group today said its subsidiary Winner Sports has entered into a 50:50 joint venture deal with UK-based footwear retail player Clarks and plans to launch the British brand in India by 2011.

"We are confident this collaboration will meet the growing needs of Indian customers as Clarks has years of experience in shoe manufacturing and retailing, while we have an in-depth understanding of Indian consumers," Future Group Chief Executive (Retail) Rakesh Biyani said in a statement. 

The companies, however, did not disclose the investment plans or details regarding number of stores of Clarks' range in India.

Biyani said the two companies have started the research and development process for customising the British brand's range to suit Indian customers tastes and needs.

Commenting on the JV with the Future Group, Clarks Head of International Business Development Andrew Martland said: "India is a top strategic market for us...And have invested substantially with an aim to develop it as a sourcing hub for our global business."

He said Clarks would use the JV to source products from the country for its Indian as well as global business. The two companies are also looking to recruit a management team for India to run the JV and plans to roll out the Clarks brand in India by early 2011, he said.