01 March 2022, Mumbai:

Future Retail has started scaling back operations as it faces a severe shortage of funds. Future Retail’s bank accounts have been classified as non-performing assets by the company’s lenders.

The scaling down will help in reducing losses in coming months Reliance Retail recently took over the operations of Future Retail’s brick-and- mortar stores including its Big Bazaar chain. Following the takeover, Reliance offered jobs to the Future Retail employees to bring them onto Reliance Retail’s payroll.

ALSO READ: Future Retail had a net loss of Rs 1,063 crore in the third quarter

The long-stop date for Future Retail’s planned deal with Reliance Industries has been extended until September 30, 2022 as Future’s legal battle with Amazon continues to wage on.

Amazon is attempting to block Future Retail from holding a shareholders meeting to discuss its proposed Reliance Industries deal and has taken the case to the Delhi High Court and National Company Law Tribunal.

RELATED ARTICLE: Future Retail's Q3 FY22 results

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*Figures mentioned in the above article have been sourced from ET Bureau & Fashion Network article.

26 February 2022, Mumbai:

As the e-commerce platform deals with dwindling online demand, tough competition, and worldwide supply chain problems, Ebay Inc anticipated grim first-quarter earnings on Wednesday, sending the company's shares down almost 9% in extended trading.

Online buying flourished last year during the pandemic, raking in enormous revenues for e-commerce businesses, but vaccine rollouts might cause problems when consumers return to brick-and-mortar purchasing. Amazon.com Inc, the company's biggest rival and the world's largest online retailer, has likewise predicted dismal first-quarter sales.

Ebay, which is already suffering from dwindling active users, is expected to take a hit as it ramps up spending, putting pressure on its profits. In a post-earnings conference call, finance head Stephen Priest remarked, "The second quarter should be the low point for margins for the year as we lap severe comps and ramp up our pace of investment."

In extended trading on Wednesday, shares of Ebay, which began as a platform where users could auction off their valuables, plummeted to $50.28. They've lost 18 percent thus far this year, while the S&P 500 has lost 11 percent. Ebay predicts an adjusted profit of $1.01 to $1.05 per share on revenue of $2.43 billion to $2.48 billion in the first quarter, which is below Wall Street's projections.

ALSO READ: Markets and research report: Apparels & fashion were the most popular categories for Europe’s online shopping in 2020

The company's sales and profit predictions for 2022 were also lower than expected. Meanwhile, according to IBES data from Refinitiv, Ebay made an adjusted profit of $1.05 per share on revenue of $2.61 billion in the fourth quarter ended Dec. 31, above analysts' average projections.

Ebay's revenue is derived in part from advertising on its site, which exceeded $1 billion last year, according to the business. However, gross merchandise volume, or the total monetary worth of eBay purchases from which the firm earns a commission, dropped 10% to $20.7 billion.

The number of annual active purchasers on eBay fell by 9% to 147 million in the third quarter, according to the business.

Related Article: Retail biggies team up to end Amazon-Flipkart dominance in Indian e-commerce

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*Figures mentioned in the above article have been sourced from  & Fashion Network article.

01 March 2022, Mumbai:

For the first time in 15 years, value fashion chain V-Mart Retail has increased prices of apparels in various categories by around 10 per cent to offset the impact of the yarn prices on its margins.

The retailer also does not rule out further prices increases amid an uncertain backdrop of war in Ukraine, continued inflation, and other financial challenges. Through the price increase, V-Mart Retail aims to improve sales by 25 per cent and EBITA for the South India market to 5 per cent, says Anand Agarwal, Chief Financial Officer.

ALSO READ: V-Mart Retail, Lalit Agarwal: Normal revenue expected despite Covid 3rd wave disruptions

The retailer plans to increase prices further by another 7 per cent if GST rate on apparels grows to 12 per cent. Though till date, V-Mart’s sales have not been impacted by price increased, any future hike in prices may lower to sales volumes, adds Agarwal.

RELATED ARTICLE: VMART Retail Ltd Q3 FY22 results

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*Figures mentioned in the above article have been sourced from Fashion Network article.

26 February 2022, Mumbai:

With the debut of its homeware line in India, British retailer Marks & Spencer has joined the homeware market. The bedding, bathroom, wellness, and eating categories will all be represented in the collection.

Apart from e-commerce channel partners Ajio and Myntra, it will be accessible at select shops and on the company's website.

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

"We're aiming for quality-conscious city dwellers who want to get the most bang for their buck."

In a statement, James Munson, Marks & Spencer managing director India, stated, "Those who aspire to contemporary and attractive homes while also wanting solutions that are intended to last using materials selected with care."

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*Figures mentioned in the above article have been sourced from Business Standard & Fashion Network article.

19th February 2022, Mumbai:

Mayasheel Retail India has collaborated with Columbus Shoes to manufacture and wholesale distribution of its sports shoes in India.

The association will help Bazar India, a rapidly emerging pan-India retail chain by Mayasheet Retail India, gain a wider customer base, build the brand strong and increase the exposure and sales of its products.

ALSO READ: NTX™ Sets Out to Transform the Textile Industry with Production-Ready Waterless Dyeing Solution NTX™ Cooltrans™; Along with First Major Customer adidas

Bazar India, in its first phase, will expand its retail presence in India via iconic footwear range launching in 55 operational stores with an area spread across 4.6 Lakh Sq. Ft. covering 51 cities, while giving a total retail space of 27,500 sq. ft. to Columbus on pan-India basis.

The stores network is spread to 13 states in India including prime states such as Bihar, Uttar Pradesh, Uttrakhand, Jharkhand,, Odisha, Madhya Pradesh, Haryana, and the North-Eastern part of the country.

In the second phase, the company will expand its retail space across India via Columbus by launching a wide range of sports apparel/ activewear and accessories, in 55 operational stores along with 20 new stores by the end of FY23 on a PAN basis offering sports footwear to their customers at low-end/fair prices.

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01 March 2022, Mumbai:

Reliance Retail is taking possession of Future Retail’s stores, Reliance Retail is replacing them with its own brand stores.

The company is also offering jobs to Future Retail employees and incorporating them in its payroll. All stores being taken over by Reliance are loss-making and the balance stores will continue to be run by FRL. Reliance will re-employ nearly 30,000 store staff, who would have otherwise lost their jobs.

In August 2020, the Kishore Biyani-led Future Group sold its retail and wholesale business along with logistics and warehousing verticals to Reliance Retail Ventures for Rs 24,713-crore.

ALSO READ: Reliance Retail, The fashion and lifestyle division: Achieves its greatest quarterly revenue ever

However, the deal was opposed by Amazon. The US e- commerce giant dragged Future Group to arbitration at the Singapore International Arbitration Centre (SIAC) in October 2020.

The matter is also pending before other forums such as the Supreme Court, Delhi High Court and NCLT. The arbitration compelled RRVL to extend the timeline a second time for completing its Rs 24,713 crore deal with Future group to March 31, 2022.

The company currently awaits regulatory and judicial clearances.

RELATED ARTICLE: Reliance Retail to invest $132 million in Addverb Technologies

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25 February 2022, Mumbai:

About D-Mart

Avenue Supermarts Limited (D Mart) is an emerging national supermarket chain, with a focus on value-retailing.

About GIFT City

GIFT City is a planned business district in Gujarat, India. It is the new business destination offering a competitive edge to Financial Services and Technology. *GIFT City is already a host to the world’s leading names in the financial domain, banking, insurance, capital markets, technology, fintech, IT, and ITeS sectors.

ALSO READ: The rapid expansion of Avenue Supermarts' DMart has been met with scepticism by analysts

The opening of a D-Mart store is assuming a lot of significance given that it will be pretty comforting to the people already working and residing besides more and more working population shifting day in day out in this smart city.

*The company has been recently allotted Development Rights for the development of the store in GIFT City, according to the release.

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*Figures mentioned in the above article have been sourced from ET article.

01 March 2022, Mumbai:

Amazon's Amit Agarwal to head emerging markets, Manish Tiwari to lead India consumer biz.

Amit Agarwal, Amazon India’s country head, will now also lead the e-commerce giant's business in emerging markets, the company said on March 1. Manish Tiwari, vice-president of the consumer business, will be the country manager for consumer business in India.

Tiwari joined Amazon in 2016 and used to head the Unilever business in the Gulf region earlier. “Amit Agarwal will be taking on an expanded role leading Amazon’s presence in the Emerging Markets in addition to his current role as India's head,” an Amazon India spokesperson said.

ALSO READ: Amazon India signs deal for warehouse space

The development and growth of the emerging markets were key to Amazon’s future success, and the new team would be uniquely qualified to move fast in identifying and solving for common customer needs, the spokesperson said.

“We are excited this change meaningfully enhances our ability to serve and delight new and existing customers, and enable our selling partners to grow their business in India and across our emerging markets,” the company said.

RELATED ARTICLE: Amazon's total product exports from India have surpassed $3 billion

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*Figures mentioned in the above article have been sourced from the Money Control article.

25 February 2022, Mumbai:

Value retail chain startup 1-India Family Mart has raised Rs 50 crore ($6.6 million) as a part of its Series B round from Dubai-based financial services firm Gulf Islamic Investments (GII).

The Gurugram-based firm, which also counts Carpediem Capital as its other financial backer, will leverage the capital to double stores count, both organically and through acquisitions.

ALSO READ: HSE raises Rs 25.50 Cr funds to expand its D2C footprint

“We are excited to raise a fresh funding round from GII which will significantly boost our expansion plans, strengthen our retail presence and drive growth trajectory of the group,” said Jay Prakash Shukla, CEO at 1-India Family Mart.

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*Figures mentioned in the above article have been sourced from vccircle.com article.