29 November 2021, Mumbai:

The Enforcement Directorate is examining whether the deal violated India's law on foreign exchange when it invested Rs 1,431 crore to purchase a 49 percent stake in Future Coupons Pvt Ltd (FCPL) in 2019 and if it complied with regulations.

The Enforcement Directorate (ED) has summoned Amazon India head, Amit Agarwal, next week over alleged irregularities in a deal with Future Group, CNN-News18 reported on Sunday.

“We are in receipt of summons issued by the ED in connection with the Future Group. As we have just received the summons, we are examining it and will respond within the given time frame,” Amazon said in a statement.

According to the sources, the federal agency has also summoned Future Group officials for the verification of documents and the evidence it has collected so far. The company did not respond to the queries till press time.

The ED is examining if Amazon violated India's law on foreign exchange, or the Foreign Exchange Management Act (FEMA), when it invested Rs 1,431 crore to purchase a 49 percent stake in Future Coupons Pvt Ltd (FCPL) in 2019 and if it complied with regulations.

FCPL owns a 9.82 percent stake in Future Retail Ltd (FRL). The deal allowed Amazon to not only indirectly hold a 4.81 percent stake in Future Retail, but also gave it effective veto power over the listed retail company.

Amazon has been claiming controlling rights over Future Retail at various judicial forums and objecting to Kishore Biyani-led Future Group's the sell-off plans, accusing it of breaching the investment pact.

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

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25 November 2021, Mumbai:

Amazon has written to the independent directors of Future Retail Ltd (FRL) alleging "significant financial irregularities and said this warrants a "thorough an independent examination" of relevant facts and related party transactions between FRL and other Future Group entities.

FRL, however, has asserted that the US e-commerce major has no locus to address the letter and that Amazon's communication is "nothing an afterthought and a counterblast" to a showcase notice by the Competition Commission of India (CCI).

ET

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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

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24 November 2021, Mumbai:

Kids and maternity wear retailer Me N Moms aims to have a network of 200 stores by the end of this financial year. The retailer on Tuesday announced the opening of 12 new stores in six states across India, as part of its expansion plan.

The company is continuing with its store expansion plans in the country despite the pandemic and reaching out to parents looking for affordable products.

"The brand plans to set up 200 stores by the end of this fiscal, which will be both company-owned and franchise shops," said Me N Moms in a statement.

Currently, it operates 135 stores in 69 cities and has plans to inaugurate 20 more soon in another seven cities, it added.

Me N Moms Managing Director Naresh Khatar said Indian parents are now more aware of the need for nursing and baby care products but overall awareness of using safe and hygienic products for babies and mothers.

ET

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

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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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26 November 2021, Mumbai:

The Competition Commission of India (CCI) said it will pass its order in "due course" in a dispute between Amazon and Future Coupons (FCPL) even as the US company declined to provide its written response or make oral submissions.

Amazon told CCI it had challenged in the Supreme Court a Delhi High Court order asking the CCI to expedite the eight-month long case and requested the competition watchdog to wait for the Supreme Court's verdict before proceeding with the case, according to a latest CCI notice.

Amazon had asked the CCI for deferment of a hearing scheduled for Thursday morning in an application filed by the FCPL seeking the competition watchdog to review its 2019 approval for Amazon's investment into FCPL, the promoter company that owns about 10% of Kishore Biyani-led Future Retail (FRL).

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

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Daily News:

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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25 November 2021, Mumbai:

3DLOOK, the global leader in AI-first mobile body scanning solutions, announces receiving the prestigious Digiday Technology Award in ‘Best In-Store Technology’ for successfully implementing its mobile body measuring solution in 330+ Tailored Brands stores and improving the shopping experience for both the retailer’s customers and sales representatives.

Digiday, the leading source of the digital media industry, chose 3DLOOK among hundreds of renowned companies revolutionizing the modern world.

Since 2020, 3DLOOK’s mobile body scanning solution has offered an effortless and contactless way for Tailored Brands’ in-store sales associates to instantly obtain accurate measurements, using just the customers’ photos. Initially launched at 100 Tailored Brands stores, the hugely successful partnership has since been expanded to stores across North America, including the flagship Next-Gen store and Moores stores.

Implementing 3DLOOK’s technology has improved the safety, efficiency and convenience of shopping in-store for both customers and sales associates. As stores reopened following the relaxation of strict lockdown measures, it provided an alternative to physical measuring processes and alleviated customer fears while delivering the engaging digital shopping experience that modern consumers desire.

Additionally, the anonymized body data collected has provided valuable insight into the shapes and sizes of customers across different states, which will support Tailored Brands in assessing future products and offerings.

“Inspiring and engaging shopping experiences driven by innovative technologies are set to redefine brick and mortar retail,” says Vadim Rogovskiy, CEO of 3DLOOK.

“The solution provided great support to Tailored Brands as stores reopened following the lockdowns and will continue to engage and entertain customers well beyond.”

The Digiday Technology Award is added to 3DLOOK’s significant list of achievements. Earlier this year, the company raised $6.5 million in Series A funding, led by Almaz Capital, following the release of YourFit — the first and only solution for apparel shoppers that offers photorealistic virtual try-on functionality combined with highly accurate, data-driven size recommendations.

The company is now developing an out-of-the-box version of its flagship e-commerce solution, which will feature prompt integration with leading e-commerce platforms, enhanced data privacy and a revamped UX based on feedback from thousands of users and numerous brands and retailers. Set for release in early 2022, the enhanced YourFit will help brands and retailers offer a high-end user experience while driving down product returns and boosting conversions.

ABOUT 3DLOOK:

3DLOOK is the global leader in AI-first mobile body measuring and fit solutions, driving retail innovation by providing personalized fit and size recommendations and virtual try-on for shoppers to help brands reduce returns while increasing conversion and AOV.

3DLOOK's solutions enable innovative, personalized shopping experiences and give brands actionable insights to optimize design, product development, inventory planning, and distribution. 3DLOOK has been recognized in Gartner® Hype Cycle™ for Retail Technologies, 2021, won the LVMH Innovation Award and the IEEE Retail Digital Transformation Grand Challenge in 2019 and was recognized as one of the 2020 Pioneers of the New World.

3DLOOK works with some of the biggest names in retail, including Tailored Brands and Dickies, as well as uniform industry giants Unisync and Berkshire Hathaway’s Fechheimer Brothers.

PR WEB

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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'

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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24 November 2021, Mumbai:

Employees of debt-ridden Future Retail (FRL), the parent of the supermarket chain, Big Bazaar, have asked the Supreme Court to clear the company's asset sale to Reliance Retail and rule against US e-tailer Amazon.

The employees cited the risk of job losses for around 27,000 people and financial difficulties showed a November 20 legal filing reviewed by TOI.

"Between April-July 4 2020, the salaries of employees saw significant cuts, in the range of 40-50% Further, even the reduced salaries could not be paid on time and payments were often made in tranches, '' said the FRL. Employee Welfare Association in the filling, which is likely to be heard by the apex court on December 8.

TOI

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

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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'

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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25 November 2021, Mumbai:

Mall developers and retail landlords offered concessions and waivers to retailers and restaurants during the first two waves of Covid. This was done in order to offset the impact of the pandemic on business.

But now with retail sales have returned to normal across the board, reaching almost pre-Covid levels, mall developers and landlords have stopped rental waivers and negotiations.

All waivers, concessions, and rebates offered to retailers started being withdrawn from July. But for restaurants, these waivers ended in the last one or two months because restaurants still had some restrictions related to capacity and timing.

For multiplexes, too, which were the last to be opened, concessions and waivers have mostly been brought to an end. For some multiplexes, though, some discounts are still being extended on a case-to-case basis. That too could come to an end by the fourth quarter.

Maharashtra was the last to open malls and multiplexes. At DLF Mall waivers have been ended for all, except F&B outlets, since July.

Since October, full rentals have been charged across the board. Infiniti Mall also ended all rental waivers from November but it is still extending some discounts to some brands on a case-to-case basis where they are still struggling. Inorbit Mall also ended all waivers and rebates from July and August across India.

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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'

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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 25 November 2021, Mumbai:

Amazon is not a shareholder or creditor of Future Retail (FRL) and hence has no locus standi to send the letter, a spokesperson for the Future Group said in response to a query.

“Amazon’s letter is nothing but an afterthought and a counterblast to the show-cause notice by the Competition Commission of India (CCI) against Amazon in pursuance of the complaint by Future Coupons Pvt Ltd (FCPL) seeking withdrawal of the CCI’s approval for Amazon’s investment into FCPL,” said the spokesperson.

“The allegations contained in Amazon’s letter are being made as Amazon alleges Future Group's Ind Directors regard to its 'Financial Irregularities'

part of a legal dispute that is being dealt with by the Supreme Court, high court, and other regulatory forums.”

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

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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'

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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25 November 2021, Mumbai:

E-commerce giant Amazon has approached the Supreme Court seeking a pause on the Competition Commission of India's review of its investment in Future Retail (FRL). The US giant is currently in a legal dispute with FRL. More on today's top headlines.

Amazon seeks to pause antitrust review of 2019 deal with India's Future

Amazon.com Inc has asked India's Supreme Court to pause an expedited review of allegations that the U.S. firm concealed information while seeking antitrust clearance for a 2019 deal with India's Future Group, legal papers seen by Reuters showed.

Business Standard

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

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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'

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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