Now don’t you all know about HMV or heard about it in India ? Yes that’s correct, HMV in partnership with RPG group are into the music industry – Saregama for quite few decades. However, the RPG group went on its own in establishing a Music and Books format under the brand Musicworld.
HMV – the British entertainment company is reported to be in talks with Reliance for a Music, Bookstore and Gifts format which it currently retails under the brand name Waterstone. It has 300 plus stores across the UK.
However, Reliance already operates a chain in this format under the brand name Reliance Timeout. It is not very clear on the JV and both the sides have declined to comment. What could RIL Retail be possibly thinking is for a tie-up to to beat the slowdown and also acquire the knowledge and experience in running this format. Aditionally, Waterstone will get the advantage of the already established HMV brand.