Friday, January 05, 2007

Future Group likely to divest some of its Planet Retail stake

The Economic Times reports that Kishore Biyani is considering part of his 49% stake in Planet Retail Holdings Ltd (PRHL) to its Indonesian promoter from whom he had purchased it from. PRHL retails brands such as Marks & Spencer, Guess, Body Shop, converse and Speedo and is likely to bring in Starbucks by mid 2007.

The company has so far denied that any such move was being planned. Planet Retail is the licenser of several high profile global brands and will soon be foraying into department stores via a tie up with UK based Debenhams. Currently the company has 55 stores in various formats with a total space of over 100,000 sq ft.

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