Titan, Montblanc joint venture to end by December
Mumbai (Maharashtra) [India], October 8 (ANI): Consumer retail major Titan on Thursday announced ending the five-year partnership with Montblanc International, the German manufacturing company of luxury items including goods for travel, writing implements, watches and jewellery.
ANI
Oct 08, 2020 11:45 IST
Mumbai (Maharashtra) [India], October 8 (ANI): Consumer retail major Titan on Thursday announced ending the five-year partnership with Montblanc International, the German manufacturing company of luxury items including goods for travel, writing implements, watches and jewellery.
The decision enables Montblanc to become a wholly-owned subsidiary in the country. It opened 12 boutiques in major cities across the country since 2015 and established a fast-growing e-commerce business through the luxury online portal TataCliq.
Titan's decision to exit the joint venture agreement was driven by the company's consolidation strategy to focus on their primary business and proprietary brands.
Managing Director C K Venkataraman said: "We have decided that during these rather challenging times our primary business must take precedence. Both parties have greatly benefitted from this partnership, and our relationship with Montblanc remains strong and positive."
Nicolas Baretzki, CEO of Montblanc International, said: "We are grateful for our partnership with Titan. It is one that has allowed us to establish Montblanc as a luxury Maison with significant presence in India today, and set us on course for the next chapter of our journey."
He said the India market holds strong long-term potential for Montblanc. "It is a mark of confidence that we now become a wholly-owned subsidiary."
In accordance with the joint venture agreement, the partnership will end in December. (ANI)
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