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Clarks to continue with Future Group JV

By FashionUnited

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Clarks Future Footwear, the equal joint venture (JV) company between the UK-based C&J Clarks and Future Lifestyle Fashions

will continue to exist in its current state though it has the option of buying out the Indian partner. After India allowed 100 percent FDI in single-brand retail, many international brands are exploring the possibility of acquiring complete stake, they had invested with a domestic partner.

However, Clarks has decided to continue the relationship with Future Group. The company currently has about 50 stores and is looking at associating with 20 new franchise partners by next year. Despite sourcing about 35 percent of its footwear from India, company is not considering lowering prices amid low consumer sentiment. In fact, it believes that the brand is almost 40 percent cheaper in India compared to Hong Kong, and almost 10 percent lower than the UK, depending on the local duties in each market.

India has been the sourcing hub for the brand for the past 20 years. Chennai-based Farida Group and Bangalore’s Sara Soles are some of the companies that manufacture and supply for Clarks footwear.

Clarks
Future Group
Future Lifestyle Fashions