22 November 2021, Mumbai:

Amazon has moved the Supreme Court against a Delhi High Court order directing the to decide within two weeks on a PIL filed by the Confederation of All India Traders Association’s (CAIT) in connection with the deal with Future Coupons in 2019.

Amazon moved the Supreme Court on Tuesday against a Delhi High Court order directing the Competition Commission of India (CCI) to decide within two weeks on a PIL filed by the Confederation of All India Traders Association’s (CAIT).

The high court had issued the order on November 16 regarding CAIT’s plea to CCI that seeks to revoke the competition regulator’s approval to the Amazon-Future Coupons deal.

The court noted, “This is a separate issue, and can be challenged separately. It’s not a part of this Amazon-Future dispute.”

The top court on Tuesday directed for a smaller compilation of documents and adjourned the proceeding. The case will next be heard on December 8.

Traders' body CAIT had on November 10 said it has urged the CCI to revoke the approval granted to Amazon two years ago for its deal with Future Coupons, alleging that the e-commerce major had made false statements for getting the regulatory nod.

The development came following Future Retail Limited’s (FRL) independent directors writing to the CCI Chairman on the matter. In a regulatory filing, Future Retail said it has received a communication from CCI that it has decided to hear Amazon and Future Coupons Private Limited (FCPL) on January 4, 2022 in connection with the approval given by the regulator to their deal.

In its PIL, CAIT has alleged that CCI is seized of the matter (since March 2021) concerning false and misrepresentations by Amazon while taking approval for Amazon’s investment in FCPL in 2019.

CCI had also issued a show-cause notice on June 4, 2021 to Amazon but 235+ days are over and the regulator is sitting on the matter without taking any decision, it said. It added that CCI, as a regulator, cannot delay deciding a matter which has ramifications on public interest. It had requested that the CCI should be asked to adjudicate and decide this matter within the next few weeks.

The independent directors of FRL have also requested CCI to stop Amazon from "perpetuating its evil non-desirable designs" to make FRL bankrupt and jeopardise Rs 30,000 crore of debt extended by public sector banks to Future group.

In November 2019, CCI had given its approval for Amazon to acquire a 49 percent stake in FCPL and FCPL is a shareholder in Future Retail Ltd.

According to the letter, Amazon had "not disclosed its strategic interest over FRL" while getting approval from the CCI to prevent it from referring the transaction to other governmental agencies that "would have responded that the transaction is illegal". "Amazon has concealed facts, made misrepresentations and false representations to the Commission," the letter alleged.

Meanwhile, the separate Amazon and Future dispute that the Supreme Court referred to is that the two companies have been engaged in a legal tussle since October 2020 with Amazon approaching the Singapore International Arbitration Centre objecting to a deal between Future Retail and Reliance Retail in 2019.

Amazon is trying to block the sale of Future Group's retail, wholesale, and logistics business to Reliance Industries Ltd for Rs 24,713 crore for allegedly breaking contracts. The e-commerce giant argues that the 2019 deal it had with a Future unit contained clauses prohibiting the group from selling its retail assets to anyone on a "restricted persons" list that included Reliance.

Disclaimer: Network18, the parent company of CNBCTV18.com, is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary. (With PTI inputs)

CNBC

(The news article has not been edited by DFU Publications staff)

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10 November 2021, Mumbai:

V-Mart Retail has strengthened its leadership team with the appointment of its independent director Aakash Moondhra the new chairman.

With this, V-Mart aims at improving the corporate governance framework by splitting the chairman and managing director roles. This is a big change for a so-far promoter-led company which is now embarking on its new charter of growth, ably supported by a deep-rooted professional and independent governance culture.

V-Mart is the country’s leading value fashion retailer with a strong presence in Tier II, III, IV towns with a store count of 375. About 70 percent of V-Mart’s offerings are private labels. V-Mart has improved a lot on private labels not only in terms of designs but also in terms of product quality and has also worked on sourcing capabilities in private labels.

Customers have started recognising its private labels. The company has also improved a lot on in-store branding and visual merchandising. Online retail will also be used to increase its private-label strategy.

V-Mart Retail has witnessed an increase in footfalls over the last two months and expects revenue growth over the next two quarters on the back of strong festive season sales. The company hopes to recover from the Covid-19 disruptions over the next few quarters on the back of its retail expansion.

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TOP 5:

1. Flipkart, an Indian e-commerce company, collaborates with PUMA on the ‘1DER' line, which features batsman KL Rahul

2. Consumers will determine growth of sustainable fashion e-comm in India

3. Myntra to offer 1 mn styles from about 7,000 brands at the 'Big Fashion Festival'

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11 November 2021, Mumbai:

British retailer Marks & Spencer has raised its full-year outlook. The second profit upgrade in three months is the strongest sign that a turnaround effort is starting to bear fruit. Restructuring of the 137-year-old clothing and food group is focused on rejuvenating an outdated store culture, investments in technology and e-commerce and an overhaul of its real estate but it is happening in conjunction with shortages of products and workers as the economy reopens from pandemic restrictions.

However, since cost pressures will become progressively steeper reintroduction of dividend payments in the current year remains unlikely. First-half performance was ahead of the profit made in 2019, before the pandemic impacted trading. Food sales for M&S increased 10.4 per cent on 2019, while clothing and home revenue was down one per cent with full price sales up 17.3 per cent.

Marks & Spencer has 268 franchise stores in 34 markets and an established joint venture in Greece as well as India. It also trades online in 21 markets reaching customers through its fully localised owned and operated websites via established marketplaces such as Myntra in India and Zalando in Europe and with its established franchise partners. M&S operates owned businesses in the Republic of Ireland, Hong Kong and the Czech Republic.

Dear Reader, we at DFU Publications are committed to providing the latest news updates on trade development and insights, to keep our readers informed. Stay tuned. Subscribe to our newsletter.  

TOP 5:

1. Flipkart, an Indian e-commerce company, collaborates with PUMA on the ‘1DER' line, which features batsman KL Rahul

2. Consumers will determine growth of sustainable fashion e-comm in India

3. Myntra to offer 1 mn styles from about 7,000 brands at the 'Big Fashion Festival'

4. Maharashtra government honors VIP as 'Best Innerwear Brand' for 2021-22

5. Nike strengthens retail presences with new store at DLF Mall of India,Noida

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09 November 2021, Mumbai:

Amazon Pay India, Amazon's payments subsidiary in India, has received a cash infusion of Rs 1,000 crore ($134.4 million) from Amazon Corporate Holdings, the firm's parent company.

Ts 100 crore shares of Rs 10 apiece have been allocated to Singapore-based Amazon Corporate Holdings. Amazon Pay India stated in a regulatory filing that Mauritius-based Amazon.com Inc made a token investment in the fundraising round.

Amazon plans to use the capital to expand its payments operation in the nation and to attract new consumers by offering cashback and other incentives.

Amazon Pay India's net loss decreased by 19 percent to Rs 1,516 crore in the fiscal year ending March 2021, compared to Rs 1,868 crore the previous year.

The company's sales increased by 30% to Rs 1,786 crore, compared to Rs 1,370 crore in the previous financial year.

Amazon sees a lot of promise in India's digital payments market and has been investing heavily to keep up with competitors like PhonePe, Google Pay, and Paytm, among others.

Dear Reader, we at DFU Publications are committed to providing the latest news updates on trade development and insights, to keep our readers informed. Stay tuned. Subscribe to our newsletter.  

TOP 5:

1. Flipkart, an Indian e-commerce company, collaborates with PUMA on the ‘1DER' line, which features batsman KL Rahul

2. Consumers will determine growth of sustainable fashion e-comm in India

3. Myntra to offer 1 mn styles from about 7,000 brands at the 'Big Fashion Festival'

4. Maharashtra government honors VIP as 'Best Innerwear Brand' for 2021-22

5. Nike strengthens retail presences with new store at DLF Mall of India,Noida

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11 November 2021, Mumbai:

According to sources familiar with the situation, Amazon is attempting to resolve two EU antitrust probes in order to avoid potentially huge penalties and onerous demands to adjust its business practices.

In November of last year, the European Commission sued Amazon for abusing its scale, influence, and data to obtain an unfair advantage over smaller businesses selling on its online marketplace.

It also launched an examination into whether Amazon treats its own retail offerings and those of marketplace vendors who utilise its logistics and delivery services differently.

According to the persons, Amazon is in preliminary talks with the EU competition regulator and has given concessions to resolve their worries.

Negotiations can take months to complete, and there is no certainty that both parties will reach an agreement.

The Commission, which may sanction firms up to 10% of their global turnover, or $38.6 billion in Amazon's case based on last year's revenue, declined to comment.

Dear Reader, we at DFU Publications are committed to providing the latest news updates on trade development and insights, to keep our readers informed. Stay tuned. Subscribe to our newsletter.  

TOP 5:

1. Flipkart, an Indian e-commerce company, collaborates with PUMA on the ‘1DER' line, which features batsman KL Rahul

2. Consumers will determine growth of sustainable fashion e-comm in India

3. Myntra to offer 1 mn styles from about 7,000 brands at the 'Big Fashion Festival'

4. Maharashtra government honors VIP as 'Best Innerwear Brand' for 2021-22

5. Nike strengthens retail presences with new store at DLF Mall of India,Noida

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29th October 2021, Mumbai:

As Delhi High Court (HC) rejects 'Ad-interim Plea' of (FRL) Future Retail, it only adds to group woes as it is struggling to put the deal on track since October 2020 seeking a stay of Emergency Arbitrator Order in Amazon-Future case.

It is contextual to state here that," Amazon India is contesting tooth & nail seeking to block the sale of Future Group's retail, wholesale, and logistics business to Reliance Industries Ltd for a deal consideration of Rs 24,713 crore for what group allegedly maintains is a breach of contracts making a strong argument that the 2019 envisaged deal it stitched with Future unit conspicuously contained clauses prohibiting the Future group from selling its retail assets outside to anyone on a "restricted persons" list that included Reliance.

Future and Amazon have been engaged in a bitter corporate legal battle with Amazon subsequently approaching the Singapore International Arbitration Centre (SIAC) contesting a big-ticket/ high stake deal between Future Retail and Reliance Retail in 2019.

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2. Consumers will determine growth of sustainable fashion e-comm in India

3. Myntra to offer 1 mn styles from about 7,000 brands at the 'Big Fashion Festival'

4. Maharashtra government honors VIP as 'Best Innerwear Brand' for 2021-22

5. Nike strengthens retail presences with new store at DLF Mall of India,Noida

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10 November 2021, Mumbai:

Shwetal Basu is the new chief of marketing and communication at Shoppers Stop. She will lead the marketing mandate and help Shoppers Stop widen its presence across the country.

She has over two decades experience in customer behavior, marketing, and communications, across multiple industries such as FMCG, telecom, security services, banking, and retail. In her previous roles, she has worked with Metro Brands, Aditya Birla Retail, among others.

Shoppers Stop is India’s leading fashion and beauty retailer. Its omni-channel sales have doubled year on year and contributed eight per cent of total sales in the second quarter.

The company aims at adding ten department stores and ten home and beauty stores over the next 18 months. As of September '21, it had 80 department stores, eleven Home shops, 127 Beauty stores, 23 Airport Doors, taking the total store count to 241 spread across 44 cities.

Shoppers Stop saw progressive growth in August '21 and September '21 with sales growing 140 per cent and 66 per cent respectively. With all stores fully operational, festive sales are now at pre-covid levels aided by recovery of 100 per cent in the east, followed by the north. Private labels grew 90 per cent year on year.

Dear Reader, we at DFU Publications are committed to providing the latest news updates on trade development and insights, to keep our readers informed. Stay tuned. Subscribe to our newsletter.  

TOP 5:

1. Flipkart, an Indian e-commerce company, collaborates with PUMA on the ‘1DER' line, which features batsman KL Rahul

2. Consumers will determine growth of sustainable fashion e-comm in India

3. Myntra to offer 1 mn styles from about 7,000 brands at the 'Big Fashion Festival'

4. Maharashtra government honors VIP as 'Best Innerwear Brand' for 2021-22

5. Nike strengthens retail presences with new store at DLF Mall of India,Noida

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23rd October 2021, Mumbai:

After leading the online fashion retailer Myntra for three years, Amar Nagaram has quit as its chief executive officer to pursue his own venture.

Nagaram joined Myntra in 2019 replacing Ananth Narayanan who stepped down from the post of chief executive officer of Myntra and Jabong. During that time, he was a vice-president at Flipkart. In his seven-year-long stint at Flipkart that time, Nagaram had largely worked on Flipkart’s consumer-facing mobile and web platforms. Under his leadership, the company (Myntra and Jabong combined) continued to execute the growth strategy and leverage synergies with Flipkart as appropriate. The leadership at Myntra and Jabong allowed the business to continue on its strong and sustainable growth trajectory.

Prior to Flipkart, Nagaram worked as an engineer at Walmart Labs with CTO and SVP to drive and evangelize the development of an interactive, effective next-generation platform for e-commerce. He also helped set up the Walmart Labs India center.

TOP 5:

1. Flipkart, an Indian e-commerce company, collaborates with PUMA on the ‘1DER' line, which features batsman KL Rahul

2. Consumers will determine growth of sustainable fashion e-comm in India

3. Myntra to offer 1 mn styles from about 7,000 brands at the 'Big Fashion Festival'

4. Maharashtra government honors VIP as 'Best Innerwear Brand' for 2021-22

5. Nike strengthens retail presences with new store at DLF Mall of India,Noida

Return to homepage