Titan Ltd completes exit from Montblanc joint venture
The company had entered into a partnership with Montblanc Services BV for the operation of retail boutiques in India for Montblanc products.
The Titan and Montblanc partnership began in 2015, during which Montblanc opened 12 boutiques in major cities across the country and established a fast-growing e-commerce business through the luxury online portal, Tata Cliq.
“We hereby inform you that, on 12th March 2021, the company has completed its exit from Montblanc India Retail Private Limited (MB India). Consequently, MB India ceases to be an associate/ JV Company of the Company with effect from March 12, 2021," Titan said in a regulatory filing.
With the end of this joint venture partnership in India, Titan aims to focus on their primary business and proprietary brands, while Montblanc is all set to become a wholly-owned subsidiary in the country.
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