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Amazon Sends Legal Notice to Future Group over Asset Sale to Reliance Group

12Oct By PriyankaNo Comments

News

Amazon Sends Legal Notice to Future Group over Asset Sale to Reliance Group

NEW DELHI, 12th October 2020: US based eCommerce giant Amazon sends a legal notice to Future Group, alleging that the retailer's $3.4 billion asset sale to Reliance Industries violated an agreement with the e-commerce giant. "We have initiated steps to enforce our contractual rights," a spokesperson for the Seattle-based e-commerce giant said. "As the matter is sub-judice, we can't provide details." In August 2019, Future Retail had informed stock exchanges that Amazon.Com NV Investment Holdings LLC would acquire 49 per cent stake in Future Coupons from their promoters, led by Kishore Biyani, for an undisclosed amount. At that time Future Coupons held 7.3 per cent stake in Future Retail. As part of the agreement, Amazon was also granted a call option, which allowed the US e-comme...

Trent to acquire stake in Booker India for $3 Million

24Sep By Press Trust of IndiaNo Comments

ACQUISITION

Trent to acquire stake in Booker India for $3 Million

Tata group's retail chain Trent Ltd will acquire 51 per cent stake in Booker India Pvt Ltd (BIPL) in a cash deal of around Rs 22 crore, a regulatory filing said. Trent in the filing to BSE on Tuesday said the acquisition would help in business expansion by adding six additional stores. "It is informed that the Company has agreed to acquire 51 per cent of the share capital of BIPL, for a consideration of Rs 22 Crores approximately. BIPL operations involve 6 stores," Trent said. BIPL operates five stores while its wholly-owned subsidiary Booker Satnam Wholesale operates one store. The company expects to complete the transaction by the end of October this year. BIPL had a turnover of Rs 238 crore for the financial year ended on March 31, 2019 and Rs 43 crore of Booker Sat...

Spencer’s Retail acquire Nature’s Basket for $43 million

20May By Press Trust of IndiaNo Comments

ACQUISITION

Spencer’s Retail acquire Nature’s Basket for $43 million

Sanjiv Goenka Group's Spencer's Retail said it will acquire Godrej Industries' grocery chain Nature's Basket for $43 million (around Rs 300 crore). Nature's Basket's acquisition will make Spencer's Retail a national player, giving it access to the western parts of India through its 36 stores in prime locations in Mumbai, Pune and Bangalore. "...The Board of Directors of the company...has approved a proposal for acquisition of entire 100 per cent stake held by Godrej Industries Ltd in its wholly owned subsidiary Nature's Basket Ltd, subject to requisite approval of the shareholders of the company and execution of a share purchase agreement for undertaking the transaction contemplated above."This acquisition will bring in many synergies in Spencer's business and fits in well with Spencer...

Reliance Gears-up To Sell Smartphones and Electronic appliances Online

31Jul By AnkitaNo Comments

News

Reliance Gears-up To Sell Smartphones and Electronic appliances Online

India's largest subsidiary of Mukesh Ambani’s Reliance Industries retail chain, Reliance Retail has make its way to online sales of smartphones and electronic appliances such as refrigerators, air conditioners, and televisions. Reliance Retail is the online extension platform of Reliance Digital, a consumer durables and information technology concept. Reliance Digital with 305 stores as of June and 4,530 smaller Jio stores will act as fulfilment centres for the online orders According to reports, Reliance was gearing up for online sales of mobile phones and consumer electronics for its employees for over a year. The commercial operation has just been launched across India. While this is an omni-channel expansion of Reliance Digital,which will focus on making the online operation s...

Walmart Looking to Buy Stakes in Flipkart

31Jan By NitishNo Comments

News

Walmart Looking to Buy Stakes in Flipkart

Walmart may acquire a 15-20% stake in Flipkart, allowing them to combine synergies to compete with Amazon in India. US leading retail store chain WalMart is in advanced talks to buy a minority stake in Indian e-commerce firm Flipkart, Indian financial daily the Economic Times reported on Tuesday. Walmart could buy a 15 percent to 20 percent stake in Amazon.com Inc's main competitor in India, the newspaper said, citing two anonymous sources. A deal could be finalised as early as March and may involve primary and secondary sales by longstanding Flipkart investors, the paper added. “We don’t comment on rumours and speculation,” Walmart spokesman Randy Hargrove told Reuters via email. Bengaluru-based Flipkart was not immediately available for comment outside regular business hours...

Retail Workers Feel Disruption From Shifting Shopper Habits

8Jan By No Comments

ANALYSIS

Retail Workers Feel Disruption From Shifting Shopper Habits

AP, NEW YORK - With new options and conveniences, there's never been a better time for shoppers. As for workers.. well, not always. The retail industry is being radically reshaped by technology, and nobody feels that disruption more starkly than 16 million American shelf stockers, salespeople, cashiers and others. The shifts are driven, like much in retail, by the Amazon effect - the explosion of online shopping and the related changes in consumer behavior and preferences. As mundane tasks like checkout and inventory are automated, employees are trying to deliver the kind of customer service the internet can't match. So a Best Buy employee who used to sell electronics in the store is dispatched to customers' homes to help them choose just the right products. A Walmart worker dashes in a...

Metro Cash & Carry To Start Ecommerce For B2B By Dec-End

15Oct By Press Trust of IndiaNo Comments

News

Metro Cash & Carry To Start Ecommerce For B2B By Dec-End

Metro Cash & Carry will start online sales for business customers by year-end as it looks to expand its market position in the growing segment, a top official of the company said. The company also plans to add more stores to its network. To woo small kirana shops, the company has also started giving them credit ranging from Rs 1 lakh to Rs 15 lakh on their purchases besides delivering products at their stores. "In the next 60 to 90 days, before the end of this year, we would be starting our new e-commerce solutions," Metro Cash & Carry India CEO and MD Arvind Mediratta told PTI. At present, its sales team visits kirana shops to take orders directly. "... in future, the customer would not have to wait for them. They would go online, place the order and it would be delive...

Alibaba Rakes Up Record $17.6 Billion on Singles Day Sales

12Nov By AnkitaNo Comments

CHINA, News

Alibaba Rakes Up Record $17.6 Billion on Singles Day Sales

Alibaba Group, the e-commerce giant behind the 24-hour Singles' Day shopping blitz, has raked up a record USD 17.6 billion in the Singles Day online sales, creating a new record in global retail sales for any single day. Consumers spent more than 120 billion yuan (USD 17.6 billion) shopping online on leading e-commerce platform Alibaba in their annual buying spree yesterday, sources with Alibaba Group said today. Online transactions totaled 120.748 billion yuan in the 24 hours that ended as the clocks struck 12PM yesterday, a record amount in global retail for any single day, data provided by Alibaba said. The shopping spree hit a climactic high just nine minutes after midnight on Friday morning, with an average 120,000 transactions handled per second on Alipay, Alibaba's mobile pa...

3Nov By NitishNo Comments

News

Instagram to Test New Shopping Feature To Buy Products From Retailers

Facebook Inc's Instagram said that it will start tests next week on a new shopping feature through which users can buy products from US-based retailers via the photo-sharing app. Retailers will be able to showcase up to five products in a Instagram post, and clicking on the various tags will give users a lot more detail about the product than was previously available, Instagram said in a blog post on Tuesday. Instagram has also added a "shop now" link on each product, which, when clicked, will redirect users to the retailer's website where they can buy the product. The new features are aimed at keeping Instagram users, who now number more than 500 million, on the app for longer during their shopping experience than before, when they would have to exit the app to research and bu...

Starbucks Names China CEO, Sees 5,000 Stores There by 2021

19Oct By reutersNo Comments

News

Starbucks Names China CEO, Sees 5,000 Stores There by 2021

Starbucks Corp on Wednesday named its first chief executive officer for China and said it plans to more than double its store count in that country to 5,000 by 2021. The world's biggest coffee chain promoted Belinda Wong to the title of CEO of Starbucks China. Wong, who had been president of that operation, will continue to report to John Culver, group president of Starbucks Global Retail. Among other things, Wong will oversee the opening of Starbucks' first international Roastery and Reserve Tasting Room in Shanghai in 2017. Starbucks opened the first of its sprawling roasteries in Seattle in 2014 to showcase super-premium coffee beans and brewing methods. It was a move by the company to assert itself as a player in an upscale niche being defined by newer cafe chains such as Blue...

Future Group Launches India’s 1st BOPO, Book Online Pay Offline

14Oct By AnkitaNo Comments

News

Future Group Launches India’s 1st BOPO, Book Online Pay Offline

Future Group, one of India's leading retail conglomerates, has launched India's first BOPO, Book online pay offline. It's a limited 2-day scheme and Ezone, the group's electronics chain, will start BOPO from 18th October. The intent is to make BOPO a trademark property which will be a paradigm shift in the way people make their purchases. BOPO, designed to ensure a comfortable shopping process for customers, allows shoppers to reserve electronics online for a token money of Rs. 1,000. If the shopper changes his mind or doesn't like the product that he chose online, he can get back hisRs 1,000 in the form of a gift voucher, which he can use to buy another product at the store. Ezone is taking this step to address the big gap in a need wherein a customer has the ease and convenience of bl...

Kishore Biyani Led Future Group Launches It’s Own Digital Wallet FuturePay

6Oct By AdityaNo Comments

News

Kishore Biyani Led Future Group Launches It’s Own Digital Wallet FuturePay

Kishore Biyani-led Future Group has launched FuturePay, which is a digital loyalty wallet that helps consumers shop without card or cash across formats such as Big Bazaar, Ezone and Home Town. The app is directly linked with all existing loyalty programs and cards bringing all kinds of transactions under one roof. "We are providing a friendly account management to our customers through FuturePay. We are ensuring that the customer has the confidence to shop with us and not go anywhere else," said Kishore Biyani, Group CEO, Future Group. The app's Price Match feature will compare the price items on the customers bill with that of competitors -both online as well as offline -and credit the difference to the FuturePay wallet in case it finds a lower price for the product. Future Group...