11 March 2022, Mumbai:

Reliance Group has issued sub-leased termination notices to 342 large format and 493 small-format stores of Future Retail.

The Group has issued notices to stores including Big Bazaar, Fashion@Big Bazaar (fbb), easyday and Heritage stores of the company.

These stores contributed 55 to 65 percent of retail revenue operations.

ALSO READ: RIL to buy Future Group’s retail assets at original price

Currently, these stores are not operational for stock and inventory reconciliation. Future Retail is in continuous discussion with Reliance Group to maintain the status quo and for safeguarding the interest of various stakeholders.

The ongoing legal feud between Amazon and Future Retail originates from Amazon’s objection to the deal between the Future Retail and the Reliance industries under which Future Retail was supposed to sell its supermarket chain Big Bazaar which is very popular across the whole nation, to Reliance.

Along with Big Bazaar, the company was supposed to sell its sister chain of retail outlets like Brand Factory, Home Town, Central, and all other Reliance Retail.

RELATED ARTICLE Reliance Retail takes over Future Group stores

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10 March 2022, Mumbai:

Dispute over Future Group's Asset Sale Plans

Heading to a settlement
Amazon and Future Group
told the Supreme Court last week that they would like to initiate talks for an out-of-court settlement.

ALSO READ: Future Group refuses to implement Amazon’s investment in Future Coupons

Lawfirm AZB approaches Reliance.
Agenda for the meeting to be decided later.
Reliance is unlikely to partner with Amazon to end the impasse, a person in the know said.

"The agenda of the meeting will be sent to Reliance soon,"

Reliance Industries is unlikely to sell any stake or form any sort of partnership with Amazon if Amazon makes such a demand as part of its bargain to resolve the impasse, the person said.

RELATED ARTICLE RIL to buy Future Group’s retail assets at original price

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CREDITS: ET Dated 10-03-2022. 

12 March 2022, Mumbai:

Reliance Retail has launched a new retail store brand, Smart Bazaar, for the locations where the Future Group’s Big Bazaar outlets used to operate, two industry executives said.

The retail unit of Reliance Industries is working on opening its own stores in around 950 properties it had sub-leased to the Future Group but took possession back citing non-payment of rent.

It plans to open at least a hundred stores in these locations, including a few Smart Bazaar stores, this month itself, the executives said.

ALSO READ: Reliance Retail, Fynd, amongst Asia-Pacific’s top 10 innovative companies

Smart Bazaar will have a bigger focus on everyday apparel and general merchandise than Reliance Retail's existing Smart supermarkets, modelling them on the lines of Big Bazaar so that consumers can feel connected, the executives said.

In properties that housed Future Group's larger stores like Central - each spread over 60,000 square feet and going even up to 100,000 sq ft - Reliance is contemplating its existing formats like Reliance Mall which includes all the formats in a smaller way, or a mix of two-three formats including a departmental store which is yet to make its debut in its portfolio.

Alternatively, the Future Group has given a proposal to Reliance to operate the Central format as a franchise of the Future Group, so that the brand name remains and since each Central has 80-100 independent brands operating as shop-in-shops by paying a fee.

RELATED ARTICLE Reliance issues sub-leased termination notices to Future Retail stores

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11 March 2022, Mumbai:

E-commerce company Amazon India on Thursday announced that the Indian exporter base on its platform has now increased by about 66 percent since January 2020 to over 1 lakh.

The company has around 60,000 exporters on Amazon who are shipping products overseas.

ALSO READ: Amazon India reaches ten lakh sellers

"Over 1 lakh Indian exporters are now selling globally through its e-commerce exports program - Global Selling," the company said in a statement.

The e-commerce firm said a large number of sellers on the programme today come from non-metros, and many of these businesses are first-generation entrepreneurs and emerging brands.

RELATED ARTICLE Amazon Fashion decides to hold "9th Edition of Wardrobe Refresh Sale Dec18-22"

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CREDITS: ET.

12 March 2022, Mumbai:

E-commerce major Amazon India aims to grow e-commerce exports to $10 billion by 2025 and contribute to overall exports from India, says Abhijit Kamra, Director-Global Trade The e-commerce company’s exporter base increased by 66 percent to over lakh over the last two years.

The company currently has over one lakh exporters who are shipping products overseas through its e-commerce exports program ‘Global Selling’. Delhi-NCR, Jaipur, Mumbai, Surat, and Bengaluru are the top 5 cities with maximum exporters on the programme.

ALSO READ: Amazon India’s exporter base hits historic high

The Amazon Global Selling program has enabled more than one lakh Indian exporters to cross $ 3 billion in cumulative exports, which showcases the demand for Indian-made products across the globe.”

Amazon’s global selling program was started in 2015 with just 100 exporters and has today grown to be a key driver of e-commerce exports from India.

The initiative helps Indian exporters reach customers worldwide through Amazon’s 17 international websites and marketplaces.

RELATED ARTICLE Amazon-FRL-Reliance Retail: Tripartite Meeting Expected Soon

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CREDITS: Fashion Network.

10 March 2022, Mumbai:

Jio Mart

JioMart, the online shopping platform by Reliance Retail Limited, was launched in 2020 in 200+ cities and towns across India.

JioMart is a multicategory online shopping platform, that currently offers a wide range of Groceries and Daily wear Fashion, to start with.

Reliance's retail arm ranked third in the list and received recognition for its new commerce initiative.

The platform offers consumers the convenience of shopping from home, with a promise of great savings, free home delivery, and no minimum order value.

The JioMart app and the website are designed to keep customers in mind, providing a simple and intuitive ordering experience.

ALSO READ: Ajio ropes in Shraddha Kapoor as brand ambassador

*Reliance Retail, India’s largest retailer, has been named in the Fast Company’s prestigious annual list of the World’s Most Innovative Companies – the Asia Pacific for 2022.

JioMart, and its innovative integration with WhatsApp. Reliance Retail’s growth over the years has triggered a large socio-economic transformation on an extraordinary scale in India.

Reliance Retail’s operating model unleashes the aspirational energy of the new, resurgent India. Its guiding philosophy rests on the tenets of enabling inclusion, growth, and building sustainable societal value for millions of Indians.

Through JioMart, Reliance Retail aims to transform and grow the small merchant ecosystem, so that the merchant partners prosper and are able to service their customers better.

JioMart Kirana has witnessed strong growth since its rollout in 2020 and has already empowered tens of thousands of merchant partners in over 60 cities enabling them to transform their businesses digitally.

RELATED ARTICLE Under Armour opens fourth store in 'Jio World Drive Mall, Mumbai'

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CREDITS: Indian Retailer.

09 March 2022, Mumbai:

Ahead of International Women's Day as a mark of tribute to women's power and e-tailer's conscious & consistent commitment around the theme of women empowerment in India.

*Amazon India on Friday said it is launching a special storefront highlighting products made available by more than 450 women-led small businesses on its online marketplace.

The e-commerce major - which has partnered with UN Women to support women-led businesses - will also make a contribution basis every transaction on the storefront to NGO partner 'Nanhi Kali' for sponsoring the education of underprivileged girls.

ALSO READ: Amazon announces changes in its current leadership roles

"It is no secret that the economic disruption caused by the pandemic has hit women-dominated sectors and small businesses the hardest, leaving women vulnerable to the loss of livelihoods...entrepreneurship amongst women can play a pivotal role in creating stronger economic outcomes for society," Amazon India Senior VP and Country Head Amit Agarwal said during a virtual event.

He added that over the last decade, women-owned businesses have increased penetration amongst enterprises in India, and this has been made possible by consistent investments from national and state governments, the private sector, financial organisations, and educational institutions.

RELATED ARTICLE Amazon India: New roles for Amit Agarwal & Manish Tiwari

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CREDITS:retail.economictimes. 

11 March 2022, Mumbai:

Steve Rowe will step down as chief executive of Marks & Spencer (MKS.L) in May after six years in the job, with the British retailer opting for continuity by choosing two of his senior lieutenants as his successor.

Rowe, who joined M&S at the age of 15 before rising through the ranks, will step down after the food and clothing retailer reports annual results on May 25.

ALSO READ: Marks and Spencer (M&S) x Wonderbra online combo to give duo a big lift

His tenure in one of the most high-profile jobs in British business has been turbulent as he, along with chairman Archie Norman, has sought to transform M&S by improving the quality and value of its clothing and food products, overhauling its store estate, and investing heavily in technology and e-commerce, including a venture with Ocado Group Plc (OCDO.L) that took M&S food online for the first time.

RELATED ARTICLE Marks & Spencer’s festive collection is a fusion of Indian styles

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CREDITS: Reuters.

10 March 2022, Mumbai:

After declining 40% last fiscal because of Covid-19, revenue of brick and mortar (B&M) apparel retailers will grow 20- 25% on-year this fiscal, driven by a strong recovery in demand despite the third wave of the pandemic, said Crisil.

ALSO READ: CRISIL report: INDIA’S CORPORATE PROFITABILITY DROPS 120 BPS IN Q3

Apparel retailers, which could barely break even last fiscal, should log operating margins of 5-7% this fiscal — compared with about 9% pre-pandemic — backed by improving operating leverage, continued cost rationalisation, and prudent inventory management.

RELATED ARTICLE Home textiles segment to see double-digit growth: Crisil

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CREDITS: ET.