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Welspun India To Work Again With Target Corp

Target Corporation had terminated its contract with Gujarat-based Welspun over alleged lapses in its products supply. Shares of Welspun India were trading 4.55 per cent higher at Rs 95.35 apiece on BSE.

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Welspun India on Friday said it will work with US retail giant Target Corporation again, almost five years after Target terminated its contract with the Gujarat-based textiles maker over alleged lapses in labelling and marketing of Egyptian cotton products.

'The company and Target Corporation, a retailer with over 1,900 stores in the USA, will be working together again, having recently completed a vendor re-empanelment process with Welspun Global Brands Ltd., company's subsidiary,' Welspun India said in a regulatory filing. Welspun India said until 2015-16 , the business with Target Corporation accounted for almost 10 per cent of its overall business. 'The company shall strive to foster a strong, transparent and sustainable business relationship with Target Corporation going forward,' the company said. In 2016, Target Corporation had terminated its contract with Gujarat-based Welspun over alleged lapses in its products supply. Shares of Welspun India were trading 4.55 per cent higher at Rs 95.35 apiece on BSE.

(PTI)


Tags assigned to this article:
target corp welspun group Egyptian cotton products