Published Date:
29 January 2009
HOME Retail Group yesterday announced it had abandoned an attempt to develop its Argos brand in India.
A trial run of HRG's franchising venture had not performed well enough to support the investment needed in the current Indian economic climate, the company said.
The group said the existing retail operation would be wound down at "minimal cost" to the group, adding that India's retail market may still in the future present an "attractive long-term growth opportunity" for Argos.
HRG said the decision to stop the trial was made "mutually" by the group and its two Indian partners in the venture. The company had signed a franchising agreement with two of India's biggest retailers – Shopper's Stop and Hypercity Retail India. The joint venture, unveiled in 2007, was to use the Argos brand and product catalogue under the "Hypercity-Argos" name in stores initially in the Mumbai area.
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Last Updated:
28 January 2009 8:37 PM
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Source:
The Scotsman
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Location:
Edinburgh
