The independent directors of Future Retail (FRL) are "hoping that the Competition Commission of India (CCI) would reopen the case pertaining to Amazon's investment in FRL's promoter firm, which is at the heart of an ongoing dispute between the US-based e-commerce giant and the Future Group over the proposed sale of FRL's assets to Reliance Retail.

"We are hoping the CCI will ask Amazon to resubmit the proposal of their investment into FCPL (Future Coupons Pvt Ltd) and through FCPL into FRL," said Ravindra Dhariwal, an independent director at FRL. "We are asking they reopen it, hear it and understand it and then take a view whether that is competitively kosher or not kosher."

ET

(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

Return to homepage

08 November 2021, Mumbai:

Independent directors of Future Retail NSE-0.10% (FRL) said Amazon is in violation of foreign exchange rules since the Singapore arbitral tribunal has made FRL a party to the arbitration proceedings.

In a letter to the stock exchange, independent directors said Amazon has also concealed facts, made Popular in Ind misrepresentations and false representations to the Competition Commission of India to seek approval for its investment in Future Coupons, a promoter holding company.

The assertions of Amazon which it has claimed with success in the arbitral tribunal meant Amazon has significant strategic rights over FRL superior to all the shareholders, lenders, and creditors of FRL, without holding even a single share in FRL. ET

(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

Return to homepage

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)

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

Return to homepage

28th October 2021, Mumbai:

The Lee Cooper journey began in 1908 as Europe's first, authentic denim brand. Born in the East End of London, Morris Cooper established a workwear production company called The Morris Cooper Factory.

A joint venture (JV) between Reliance Brands and Iconix Lifestyle India (The Iconix Brand Group), has bought the (IPRs) 'Indian Intellectual Property Rights' of famed the Great Britain denim wear label Lee Cooper as a part of buying spree Reliance Retail has currently unleashed.

It is interesting to mention here that," Erstwhile the rights of 'distribution and producing goods in India' was with the Future Lifestyle Fashions & Future Group company owing Popular retail chains "Central and Brand Factory".

The other high-profile investments of Reliance in recent times include picking up significant stakes in couture brands-Ritu Kumar and Manish Malhotra Group besides entering into an agreement seeking Future Lifestyle Fashions (FRL) deal from the latter for a business consideration of Rs 24,700 crores.

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

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

Return to homepage

09 November 2021, Mumbai:

The National Company Law Tribunal (NCLT) on Monday temporarily put on hold Future Retail's (FRL's) shareholder meeting for its proposed sale of assets to Reliance Retail after US retailer Amazon objected to it. citing a Supreme Court order.

This means further delay for the cash-strapped Big Bazaar parent Future Group, which had announced the sale of its assets to Reliance Retail for Rs 24,700 crore. Subsequently, FRL on Monday filed a special leave petition before the Supreme Court urging it to put on hold the Singapore International Arbitration Centre's (SIAC) ruling that has stalled the deal, according to regulatory filings.

Initially, slated to be held on November 10 and 11, FRL's shareholder meeting was deferred to a later date this month after FRL approached the NCLT for the same. In September, the NCLT had allowed FRL to hold the meetings.

TOI

(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

Return to homepage

Iconic British brand Marks & Spencer has come up with a festive collection that is an India exclusive, fusion collection. Designed in response to increasing desire among customers for chic outfits, the latest collections is for occasions or can be paired with daily wear.

Evening wear for Indian men from M&S is a sartorial treat. Some pieces like the bandhgala and bandi jackets help make dressing up for any occasion easy. A fashion show by the brand tossed up must-have pieces like elevated flowing dresses, chic pant suits, beautiful tops on female models. Neha Dhupia the show stopper wore a deep green embroidered round neck dress with contrast color paisley print. Male models wore opulent velvet bandhgalas, dinner jackets, waistcoats, premium shirts in rich satin and ornate prints, exquisitely tailored trousers and top-notch polo T-shirts. The presentation also showcased a combination of smart autumn/winter, loungewear and festive fare, as a part of this special celebratory fashion repertoire.

Marks & Spencer is changing its strategy to cater to the millennial Indian crowd. Starting price points have become affordable. While the clothes are being designed in the UK, the retailer has shifted most of the sourcing to India and Bangladesh.