Kishore Biyani-led Future Retail(FRL) plans to challenge the arbitration award from the Singapore-based arbitration center before Indian legal forums. This will ensure that its Rs 24,713 crore deal proceeds unhindered. The company is examining the interim order passed by the Singapore International Arbitration Center (SIAC) in the arbitration proceedings invoked by Amazon under a shareholders' agreement with the promoters of Future group.

Operator of the Big Bazar and Easy Day retail chain, FRL, does not agree with Amazon’s reasons for invoking the arbitration proceedings. It said, all relevant agreements are governed by Indian Law and provisions of Indian Arbitration Act for all intents and purposes which raises several fundamental jurisdictional issues. Amazon had earlier slapped a legal notice on Future Group, alleging the retailer's Rs 24,713 crore asset sale to Reliance Industries violated an agreement with the e-commerce giant. On August 29, 2020, the Future group had announced sale of its retail, wholesale and logistic, etc to Reliance Retail Ventures retail arm of the Reliance Industries.

Amazon, last year, had bought a 49 per cent stake in one of Future's unlisted firms, Future Coupons, with the right to buy into flagship Future Retail after a period between three and 10 years. Future Coupons owns a 7.3 per cent stake in Future Retail.

Singapore-based single judge arbitration panel has put Future Group's Rs 24,713 crore deal with Reliance Retail Ventures (RRVL) on hold. The decision was made after Amazon initiated arbitration against Future group for failing to abide by its commitment to purchase 49 per cent of one of Future’s unlisted firms. The arbitration process may take a couple of months. Amazon’s investment is just about Rs 1,500 crore in Future Group. There were also reports that Amazon is also interested in Reliance Retail

Designer brand Jade by Monica and Karishma launched its latest collection ‘The New School of Bride’ on Day 3 of the ongoing digital edition of the Lakme Fashion Week.

As per a Telengana Today report, the collection focuses on millennial brides who like to mix traditional styles with contemporary trends. It includes light-weight lehengas, that can be teamed with jackets, Ek Taar lehengas made with a single thread of resham, textured skirts, silver thread-work jackets, and blouses that add a modern and global twist to the traditional ensembles. The collection also includes accessories like silver bibs, Ek Taar belts, embellished mules, and cross-body sling bags.

Launched in October 2008 by designers Monica & Karishma, Jade is synonymous with discreet luxury and dynamic harmony. Their passion to create timeless pieces representing the traditional Indian crafts in a distinct and refreshing new avatar sets their creations apart.

Khadi & Village Industries Commission (KVIC), which launched its own platform to sell masks in July, is clocking a daily turnover of Rs 1-1.5 lakh, and hopes to double this by the end of March, says an Economic Times report.

From around 600 products, KVIC hopes to sell nearly 1,000 products online in around a fortnight. This could include products such as ornaments from khadi institutions, phulkari from Punjab and the famous chillies, haldi and ginger from Arunachal Pradesh.

While khadi masks remain the main draw, fabrics are second on the list, followed by the humble papad and soap bars. Close to 19 lakh masks have been sold so far, of this around 1-1.3 lakh have been sold online.

But unlike traditional ecommerce and retail platforms, KVIC has limits to its strategy. For instance, unlike other e-tailers, which can click a picture and sell saris, KVIC does not have two saris that look the same. For delivery, it has tied up with India Post, which seeks to revive its fortunes through ecommerce tie-ups.

Jacob's Creek, the famed wine company, is joining hands with one of India's largest wedding exhibitions -Bridal Asia. This association has been conceptualized and executed by Wavemaker India for Jacobs Creek in association with Bridal Asia.

Designers such as Manish Malhotra, Tarun Tahiliani, Gaurav Gupta, Rohit Bal, Abhinav Mishra, Aisha Rao, Pallavi Jaikishan, Bhairavi Jakishan, Ritika Mirchandani and Jewellery designers such as Raniwala 1881, Birdichand Ghanshyamdas, The House of Rambhajos, Jewels of Jaipur, Goenka India, Archana Aggarwal to name a few will be a part of this virtual exhibit.

Bridal Asia has harnessed the limitless power of technology to curate a superlative, luxury experience that can be enjoyed from the comfort of your homes. Every designer has an individual boutique showcasing their latest collections fashion and jewellery alike, through images and videos, that can be filtered by price and other parameters to suit your budget as well as tastes and preferences. Patrons of this virtual exhibition will be able to place orders directly as well as book a consultation with the designer.

The designers will help to explore and choose from a range of looks and address enquiries in real time, retaining the unmatched value of human connection. This feature also brings customization and personalization the forefront and once again, sets Bridal Asia a class apart.

The video call function will give the customers a chance to have a tete-a-tete with designers and their teams at the click of a button. The virtual exhibition will take place Friday, October 30- November 01, 2020

The Singapore International Arbitration Centre (SIAC) has passed an interim order asking Future Group to hold its plans to sell its retail business to Reliance Group and wait for the final judgment on the plea filed by Amazon.

As per an Economic Times report, Amazon had filed an arbitration petition with SIAC claiming that Future Group breached the contract under which the US online giant took an indirect stake in its retail business in 2019. The proposed deal between Future Group and RIL does not have its approval and hence should not go through.

SIAC in its order also asked Amazon to submit a proposal within a week, outlining its plans for Future Retail in case the outcome is in its favor. The interim order is valid for 90 days and SIAC will issue its final verdict in this period.

Reliance Industries said it entered into the transaction for acquisition of assets and business of Future Retail under proper legal advice and the rights and obligations are fully enforceable under Indian Law.

Amazon indirectly owns a 5 per cent stake in Future Retail — which houses all food and grocery stores such as Big Bazaar and Easyday — through a 49 per cent shareholding in promoter holding firm Future Coupons that it bought for Rs 1,500 crore last year.

Designer Kunal Rawal launched his latest menswear and womenswear collection ‘Process’ with a digital showcase at Lakme Fashion Week, reports Fashion Network

The collection presented a sleek, modern take on traditional wear with slightly androgynous aesthetics for men and women. The womenswear collection had subtle dashes of glitter and daring neck and hemline while mens collection included ornamental buttons and statement shoes for the men.

Celebrity Santoshi Shetty walked the virtual runway with Ishaan Khatter for the designer and both showstoppers wore tailored black ensembles. The runway show was filmed on a green screen which was transformed to look like a stark yet luxurious showroom and the show was broadcast on Lakme Fashion Week’s website.

Kunal Rawal had also recently presented his men’s couture collection with a fashion film at India Couture Week’s first digital edition. The collection featured similarly sleek tailoring with intricate hand embroidery and pops of colour.

Future Retail plans to go into liquidation if the deal to sell assets to Reliance Industries, fails. This will result in loss of livelihoods for over 29,000 of employees.

The COVID-19 pandemic has hit many businesses, especially in the retail sector, and the FRL-Reliance deal was aimed at protecting the interests of all stakeholders through a large infusion of funds and the acquisition of liabilities, FRL said it would take appropriate steps to ensure its deal proceeds unhindered, while Reliance said it will complete the transaction.

Amazon recently won an injunction from a Singapore arbitrator to halt FRL's deal to sell assets to Reliance. Amazon alleged FRL had breached certain contract provisions it entered into last year in a separate deal with the US firm. The dispute centres around FRL's decision in August to sell its retail, wholesale, logistics and some other businesses to Reliance for $3.38 billion, including debt.

Amazon argues that a 2019 deal it had with a Future unit had clauses saying the Indian group couldn't sell its retail assets to anyone on a "restricted persons" list including any firms from Reliance group. The deal specified any disputes would be arbitrated under Singapore International Arbitration Centre rules.

A 130-page order by the arbitrator reveals how Jeff Bezos-led Amazon argued that Future breached agreements which barred it from selling retail assets to entities including Reliance. It also shows the level of concern at Future if the deal breaks.

Responding to an interim order passed by the Emergency Arbitrator in the arbitration proceedings invoked by Amazon under a shareholders’ agreement with the promoters of Future Group, Reliance Retail Ventures (RRVL) said it will complete the transaction in terms of the scheme and agreement with Future Group without any delay.

RRVL has entered into the transaction for acquisition of assets and business of Future Retail under proper legal advice and the rights and obligations are fully enforceable under Indian Law, the company.

It intends to enforce its rights and complete the transaction in terms of the scheme and agreement with Future Group without any delay. Recently, Amazon won an interim order against Future Group selling its retail business to Reliance Industries for Rs 24,713.

Amazon had agreed to purchase 49 per cent of one of Future’s unlisted firms last year with the right to buy into flagship Future Retail business after a period of three years to 10 years. The company dragged the Future Group to arbitration after the indebted company signed a pact to sell its retail, wholesale, logistics and warehousing units to Reliance Retail, which is owned by MukeshAmbani.

Flipkart clocked higher new app installs during the festive sales this year, says a new Apptopia report.

Flipkart and Amazon ran their flagship festive season sales, Big Billion Days and Great Indian Festival, respectively, nearly simultaneously starting October 15. The two reportedly Rs. 26,000 crore in just four days.

Overall, new installs of e-commerce apps grew more this year than last year, Apptopia found. This is likely due to more people staying home out of precaution for the pandemic

Flipkart clocked 118 million sessions, which counts every time a user opens the app. The figure left Amazon’s 69 million in the dust. Amazon and Walmart have gone head-to-head in the US for years but India is a newer battleground.

Walmart entered e-commerce in India with its acquisition of Flipkart just over two years ago. In the deal, it also got Flipkart-owned fashion e-commerce site Myntra. Together, the two Indian players have helped up its app game. During the period studied by Apptopia, Myntra brought in 1.8 million downloads, a 374% increase over its performance a year prior.