Reliance calls off JV with Sixty Group
Reliance Brands, part of Reliance Retail in India, has called off its joint venture with Italy’s Sixty Group to set up 56 standalone stores over the next three years. The company reportedly had several disagreements with the Italian company. Reliance is nevertheless looking to expand in India through other high-end Italian brands and has already announced a 50:50 joint venture with Dama SpA of Italy to launch its luxury sportswear brand Paul & Shark in the country. Furthermore, Reliance has announced a joint venture with Diesel and plans to open stores by April 2009 initially in Mumbai and New Delhi.
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