Samsonite’s Tainwala to buy stake in Planet Retail
Looking to foray into fashion and lifestyle retailLooking to foray into fashion and lifestyle retail.
Ramesh Tainwala, president - Greater Asia, Samsonite Asia Ltd, is looking to acquire a major stake in Planet Retail Holdings Ltd.
Tainwala, who holds 40% stake in Samsonite, is looking to foray into the fashion and lifestyle retail business through Planet Retail.Planet Retail is the exclusive franchisee for international fashion and lifestyle brands such as The Body Shop, Debenhams, Next, Guess, and Accessorize.
“I have interest in Planet Retail. It is one of the biggest retail players in India and in the right spot. I know VP (VP Sharma, promoter of Planet Retail) for long and it will be a marriage in my own individual capacity,” Tainwala told reporters in Mumbai on Wednesday.
The partnership, the nature of which Tainwala refused to divulge, will be finalised by the end of January.
Planet Retail earlier had a joint venture with Pantaloon Retail (India) Ltd for sports and apparel business. However, the JV was discontinued and the format Planet Sports, which it operated, is now under Pantaloon Retail as a wholly owned subsidiary.