Business
Mothercare accelerate expansi
Mothercare accelerate expansi.
About this update from Mothercare Plc
[{"type":"text","content":"\n RNS Number : 9065A Mothercare PLC 16 October 2009 \n \n16 October, 2009 \nMOTHERCARE PLC ACCELERATES ITS EXPANSION PLANS IN INDIA \n\n\nMothercare announces new joint venture with DLF Brands Ltd \n\n\nShopper's Stop franchise for shop-in-shops in department stores continues\n\n\n\nMothercare plc, the global parenting company, has today announced that its subsidiary, Mothercare UK Limited, has entered into a new joint venture in India with DLF Brands Ltd ('DLF'). DLF are the largest real estate company in India. The new joint venture will complement Mothercare's existing successful arrangements with Shopper's Stop Limited, a leading departmental store retailer, and accelerate further the Mothercare store expansion plans in the region. \nMothercare currently has 23 franchise stores in India for its Mothercare brand and is now targeting a total of 200 stores, double its original target of 100 stores. \nMothercare will own 30% of the new joint venture company and DLF will own the remaining 70%. Mothercare will also have an option to increase its shareholding in the joint venture company to 51% in the future. The agreement is conditional upon Indian Foreign Investment Promotion Board approval. \nThe joint venture will roll out standalone Mothercare stores in DLF's shopping malls and other similar locations across the country. Shopper's Stop Limited will continue to roll out shop-in-shops in department stores . \nBen Gordon, Mothercare Chief Executive said, \"We are very excited to announce today that we have partnered with DLF to further develop our standalone store presence in India for the Mothercare brand. Over the past three years, we have opened 23 successful Mothercare stores with Shopper's Stop which have been well received by our customers. We look forward to working with DLF and Shopper's Stop to accelerate our expansion and develop a stronger presence in the Indian market.\"\n Mr. Timmy Sarna, CEO, DLF Brands Ltd welcomed the alliance with Mothercare and said, \"We are delighted to have entered into a&nbs...