Education

Gap in talks with Myntra for a potential tie-up

  • The enterprise transition is a piece in progress, the individuals cited above stated, looking for anonymity.

By Suneera Tandon | Livemint

UPDATED ON FEB 13, 2021 05:06 AM IST

US attire retailer Hole Inc. is in talks with Flipkart-owned trend e-tailer Myntra because it explores potential partnerships in India after ending a franchise pact with Arvind Life-style Manufacturers Ltd (ALB) final yr, stated three individuals conversant in the event.

The enterprise transition is a piece in progress, the individuals cited above stated, looking for anonymity. Myntra declined to remark. ALB had in September appointed an funding financial institution to discover a purchaser for the Hole enterprise, saying: “On account of circumstances submit the pandemic, each corporations agreed {that a} mutual termination was in each corporations’ finest curiosity.”

“Hole Inc. is evaluating potential partnerships to proceed serving prospects in India. Franchise partnerships are an necessary and cost-effective solution to develop our Hole enterprise. By firm operated shops, e-commerce websites and franchise companions, Hole model reaches prospects in about 40 international locations,” an organization spokesperson stated in response to queries from Mint.

The corporate didn’t expose particulars of potential suitors, however the individuals cited above stated Myntra is a powerful contender, however added that one other suitor, a big attire retailer, is also eyeing the franchise.

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