Planet Retail Holdings a multi brand sports retail brand jointly promoted by NRI businessman VP Sharma and Kishire Biyani are likely to part ways very soon. It is likely that Marks & Spencer, Guess, Next Body Shop and Debenhams will be managed by Mr. Sharma and Planet sports and other sports stores will be managed by Pantaloon Retail India Ltd.
Company sources have denied the rift between the two and have covred the same by saying their could be some strategic business restructuring. Planet Retail Holdings was started by Mr. Sharma. In 2005, Kishore Biyani bought 49% stake in the company at mere Rs 14.2 crore. Planet Sports has 32 stores while M&S, Guess, Next Body shop combined have 45 stores in India