22 November 2021, Mumbai:

In a meeting held about a month ago between executives from both companies, people familiar with the matter said Amazon had also asked Future Group for generous compensation in return for withdrawing its objections to the Reliance deal.

The six-hour meeting was attended by Future Group's founder Kishore Biyani and other officials, while Amazon India's legal head Rakesh Bakshi and other executives represented the US giant.

Amazon last month asked Future Group to withdraw its applications, which accuse the US company of flouting foreign investment and Foreign Exchange Management Act (FEMA) rules by misrepresenting facts, from the Competition Commission of India, said people familiar with the matter.

This withdrawal was meant to be a prelude to a possible out-of-court settlement over the dispute that has arisen between the two companies over the proposed sale of Future's retail assets to Reliance Retail.

In a meeting held about a month ago between executives from both companies, people familiar with the matter said Amazon had also asked Future Group for generous compensation in return for withdrawing its objections to the Reliance deal. The six-hour meeting was attended by Future Group's founder Kishore Biyani and other officials, while Amazon India's legal head Rakesh Bakshi and other executives represented the US giant. ET

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

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15 November 2021, Mumbai:

Future Retail's independent directors write a second later to the competition regulator asking it to revoke the nod to the Amazon-Future coupons deal; cite internal communications of Amazon to establish its contradictory statement before courts and CCI.

Future Retail’s independent directors have written a second letter to the Competition Commission of India (CCI), alleging that records show that Amazon, in its application to the anti-trust watchdog, has contradicted its internal correspondence submitted before courts.

This is the second such letter in less than a week that accuses the American e-commerce giant of concealing information and requests CCI to revoke the nod it gave to the Amazon-Future Coupons Private Ltd (FCPL) deal in November 2019.

The latest letter, a copy of which has been reviewed by Moneycontrol, says that the independent directors examined the pre-contractual negotiation records of Amazon’s investment in Future Coupons Private Ltd (FCPL) and found that the representations made by Amazon in its CCI application “completely contradict internal correspondences". Money Control

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

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16 November 2021, Mumbai:

The Delhi High Court has ordered the Competition Commission of India (CCI) to dispose of in two weeks a petition to the competent authority by Future Coupons Pvt Ltd (FCPL) that had alleged Amazon of flouting India's foreign direct investment and foreign exchange laws while seeking approval in 2019 for Amazon's investment into FCPL, the promoter company of listed Future Retail Ltd (FRL).

The ruling came a day after the CCI had sent a notice to FCPL that the agency has scheduled hearings from both Amazon and FCPL on 4th January, acting on a March application filed by the Future Group promoter company that had also alleged the US-based e-commerce company of concealing facts and of providing false information to the commission while seeking approval for its 2019 investments into FCPL. 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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13 November 2021, Mumbai:

Retailers Association of India (RAI), an industry group of organized retailers, on Monday said the festive season has come as a ray of hope for the industry with Diwali sales indicating that certain categories have started to show growth as compared to the same period last year.

RAI said festive-induced SHOPPING has added some impetus to the apparel sector with growth only in the occasion wear and leisurewear segments.

It said luxury brands and occasion wear brands have indicated double-digit growth, while formal office wear segment and services-led retail-like salons are still at about 35% short of last year’s sales during the Diwali period.

 
However, athletic wear including shoes has reported 20% growth as compared to last year’s Diwali.

Products related to work from home continued to report faster recovery, especially electronics and consumer durables with some segments registering double-digit growth of about 15% to 18% as compared to last year’s Diwali period.

But there has been a 10% fall in sales of home items over last year.

In value retail, there has been 10% sales growth over last year during the same period, pharmacy and daily needs markets have done well though some food retailers are still recovering slowly with Diwali business de-growing by 10% over last year.

RAI CEO Kumar Rajagopalan said the seasonal shopping trends have been greatly influenced by the pandemic situation this year.

“The Diwali shopping season has boosted retail sales of certain categories, however, the overall festive spike has been lacking last year’s level. Occasions wear has witnessed an uptick in sales as weddings that were hitherto postponed are happening now. However, lack of inbound travel of non-resident Indians during the winter had a negative impact on sales,” he said.

RAI reported tier II and tier III markets achieved the same level of sales as the Diwali shopping period last year, and in some cases, slight growth in sales has been indicated. South and eastern India have performed better during this period than western and northern India.

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

 

 

 

https://www.youtube.com/watch?v=06x3fqzzv-8

 

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11 November 2021, Mumbai:

Traders' body CAIT on Wednesday said it has urged the Competition Commission of India to revoke the approval granted to Amazon two years ago for its Future Coupons, alleging that the e-commerce major had made false statements for getting the regulatory nod.

The development has come following Future Retail Ltd's (FRL) independent directors on Sunday writing to the Competition Commission of India (CCI) Chairman on the matter.

The Confederation of All India Traders (CAIT) also wrote to the CCI highlighting the claims made by Future Retail's independent directors,

Paragraph 16 of the Commission's order dated 28-11-2019 Amazon's investment in FCPL states that the approval given by the Commission to Combination stands revoked if, at any time, the information provided by the Acquirer is found to be incorrect. So in our view the Commission has no alternative to revoking the approval," CAIT said.

ET

(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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16 November 2021, Mumbai:

Flipkart group has seen a number of movements including CEO Amar Nagaram put in his papers last month, three years after he was elevated to the CEO position.

Myntra's Chief Financial Officer Ramesh Bafna and Chief Marketing Officer Harish Narayanan will soon be moving out of the company, according to an internal e-mail reviewed by Moneycontrol.

The development comes soon after Flipkart announced the appointment of Nandita Sinha, who will take over as the new CEO of the company effective January. Flipkart has appointed Sharon Pais, head of loyalty and travel at Flipkart. 

Group CFO Sriram Venkatraman will be taking over as the interim CFO. Bafna has been associated with Myntra for the last seven years and strengthened finance and other processes to achieve scale over the years. Narayanan, on the other hand, built Myntra’s digital marketing and has worked with the Flipkart group for around two and a half years. Narayanan will move out from e-commerce and look into the edtech space, according to the internal mail.

“Harish and Ramesh have been passionately invested in Myntra’s growth and evolution over the years. Along with being inspiring leaders, we have all known them as mentors, friends, and guides. They will continue in their roles till January 2022 to help ensure a smooth transition,” said the letter.

Flipkart group has seen a number of movements including CEO Amar Nagaram put in his papers last month, three years after he was elevated to the CEO position. Moneycontrol

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

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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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12 November 2021, Mumbai:

Diwali turned out to be the much-needed boost for fashion and lifestyle retailers. After losing nearly Rs 25,000 crore in annual sales during the pandemic, retail sales are back to pre-pandemic levels.

16 November 2021, Mumbai:

Future Retail’s (FRL’s) losses widened in the July-September quarter (second quarter, or Q2) of 2021-22 (FY22) as expenses rose in the quarter.

The retail chain reported a net loss of Rs. 1,117 crore in Q2FY22, compared with a loss of Rs. 692.4 crore in the corresponding quarter a year ago. Its overall expenses in the quarter were up 60.4 percent at Rs. 3,500.8 crore.

The company also reported an operating loss of Rs. 339 crore, compared with an operating profit of Rs. 47 crore in the year-ago quarter.

However, the retailer’s revenue was up by 66.3 percent in the quarter at Rs. 2,369 crore.

Independent directors of the company wrote a second letter to the Competition Commission of India (CCI) stating that American e-commerce major Amazon never intended to invest in Future Coupons (FCPL) and actually wanted to invest in FRL through the foreign portfolio investment route. Business standard

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

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

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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:

The value fashion and lifestyle products retailer had posted a net loss of Rs 18.96 crore in the July-September period a year ago, it said in a regulatory filing.

V-Mart Retail Ltd on Monday reported narrowing of net loss to Rs 14.14 crore for the second quarter ended September 30, 2021.

The value fashion and lifestyle products retailer had posted a net loss of Rs 18.96 crore in the July-September period a year ago, it said in a regulatory filing.

Revenue from operations was up 92.58 percent to Rs 337.97 crore during the period under review as against Rs 175.50 crore in the corresponding period of the previous fiscal year.

Total expenses were at Rs 361.49 crore as against Rs 216.25 crore a year ago.

Shares of V-Mart Retail on Monday settled at Rs 4,032.40 apiece on BSE, down 0.41 percent from the previous close.

Money Control

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

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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