MUMBAI: The buoyant retail industry in India received a further shot in the arm today when Pantaloons and Planet Sports firmed up a strategic JV according to which, Pantaloon will subscribe to 49 per cent equity in Planet Sports.
The agreement was signed today in Mumbai between the Pantaloon managing director Kishore Biyani and Planet Sports chairman V P Sharma.

 
 
With the coming together of the two retail powerhouses, the branded lifestyle retailing segment is expected to receive an unprecedented boost and impetus in India.
Pantaloon is already one of the larger players in retail and owns retail chains with the names of Pantaloons, Big Bazaar, Food Bazaar and Gold Bazaar. It also has the Central chain of seamless shopping malls.

 
 
Planet Sports, on the other hand, is a leading sports and fashion retail company and is the sole franchisee of UK-based retailer Marks and Spencer. It also has the exclusive distribution / licensing rights for brands like Wilson, Puma, Speedo and Converse. Planet Sports currently has six Marks and Spencer and 25 Planet Sports stores in India.
 
 
Biyani said, "The strategic alliance is going to change the face of branded lifestyle retailing in India. The access that we will now have of Sharma’s retail expertise, as witnessed in South East Asia, will create a landmark in the already booming retail sector."
Sharma, on the other hand has been instrumental in bringing some of the leading European and US brands to this part of the world. Said he, "The fact that Planet Sports will now be working in synergy with Pantaloons will give a leverage and a strategic advantage to both the companies. Furthermore, the cohesion will bring about a new momentum in the retail industry of the country. Biyani’s proactive, pragmatic approach and the vision he has for the thrust of the retail sector will make us break new ground."