By mutual agreement, Montblanc and Titan Company announced d today the ending of their joint venture partnership in India.
The decision enables Montblanc to become a wholly owned subsidiary in the country.
During the five-year partnership which began in 2015, Montblanc opened 12 boutiques in major cities across the country and established a fast-growing e-commerce business through the luxury online portal TataCliq. Today Montblanc is a leading global luxury Maison with the largest footprint in the country.
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.
In accordance with the joint venture agreement, the partnership will end in December 2020.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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