C K Venkataraman, managing director of Titan Company Limited, said, “We have decided that during these rather challenging times our primary business must take precedence. Both parties have greatly benefitted from this partnership, and our relationship with Montblanc remains strong and positive.”
The joint venture of Montblanc was formed by establishing a company Montblanc India Retail Pvt Ltd in 2014 in which Titan holds 49% stake. During the five-year partnership Montblanc established footprint in the country with 12 boutiques in major metros and ecommerce business through luxury online portal TataCliq.
Titan’s exit enables Montblanc to become a wholly-owned subsidiary in the country.
“The partnership with Titan allowed us to establish Montblanc as a luxury Maison with significant presence in India today. This is a market that holds strong long-term potential for Montblanc, and we now become a wholly owned subsidiary,” said Nicolas Baretzki, CEO of Montblanc International, in a press statement.
In accordance with the joint venture agreement, this partnership will end in December.