Wednesday, March 21, 2007

Pantaloon Retail exits Gini & Jony

Pantaloon Retail India Ltd (PRIL) has officially pulled out of the operations of Gini & Jony, a children’s wear brand that was one of the first brands that Kishore Biyani, MD of Pantaloon had invested in. According to industry sources, although the financial arrangement with Gini & Jony will carry one it will break off all operational ties.

Pantaloon had invested in the company thinking it would “drive business on its own” but it has not been able to work in a cohesive manner with Pantaloon and had become dependant on it. Reportedly Pantaloon had to even depute top management, including the CFO to take care of it’s functioning.

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