Forever 21 hasn’t been able to scale up business in India in spite of entering India half a decade ago. It has already changed a partner before tying up with DLF brands.
Mumbai: Myntra already has been selling Forever 21’s products online in the country under an exclusive tie-up. As per an article in ET, the online fashion store, owned by Flipkart is already in an advanced stage of discussion to take over its ten brick-and-mortar stores. Currently, it is being managed by a JV between Forever 21 and DLF Brands. This is an already emerging global trend among ecommerce forms who plan to de-risk their business from an online-only approach.
A Myntra spokesperson refused to comment on the validity of the news. However, he did add that the news is speculative. Timmy Sarna, MD, DLF Brands assured that the Forever 21’s business is still under their control. It seems like Forever 21 wants to exit the JV and take up a franchise operation in the country. The report states that valuation details weren’t available.
Forever 21 has also held talks with Reliance Retail and Arvind Brands in the past. It is believed that Myntra has been ruminating with the idea of going offline with its own retail stores in the past, too.