Nov 27, 2012: Esprit the global retail giant which has been constantly suffering losses of about Rs. 20-25 crores is all set to end its distribution deal with the Aditya Birla Nuvo Ltd. and exit India by 2012.Esprit which entered India in 2005 has been finding the going tough in the Indian market and has already shut its stores in Delhi, Mumbai and Bangalore in 2011. The global retail chain which had a distribution deal with Madura Fashion of Aditya Birla Group has already started clearing its stocks and offering nearly 60% discount on various merchandise. This is an interesting development at a time when Indian government is debating on FDI in retail and encouraging foreign investments.
