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. 

08 March 2022, Mumbai:

V2 Retail as opened three new retail stores at Begusarai (Bihar), Malda (West Bengal) and Chapra (Bihar).

The company has closed one retail store in Delhi in line with its strategy to evaluate performance over various parameters including store wise profitability. Currently, the company has 99 operational stores.

V2 Retail offers an unparalleled retail mix combined with value and variety to its shoppers.

ALSO READ: V2 Retail Q3 FY22 results posted

The company believes in offering complete value for money to the shoppers through its large variety of smart, trendy, fashionable apparels across categories under one roof.

Its presence in 17 states of India with 96 high fashionable operational stores, make it stand amongst the pioneers in setting up unique precincts with modern ambience retail chain.

V2 Retail has been successfully serving the Indian retail market for more than 25 years.

The group has created many firsts in the industry, It is the first company cross 100 stores, first to implement SAP, create private labels in grocery etc.

Currently, V2 Retail manages 11 lakh sq.ft. of retail space.

RELATED ARTICLE Retailers across India on an expansion drive as sales surpass pre-COVID levels

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CREDITS: EQUITY BULLS . 

07 March 2022, Mumbai:

Spanish fashion retailer Inditex has halted trading in Russia, closing its 502 shops and stopping online sales, the company said in a statement on Saturday to the Spanish regulator.

“In the current circumstances Inditex cannot guarantee the continuity of the operations and commercial conditions in the Russian Federation and temporarily suspends its activity,” the Zara owner company said.

ALSO READ: A new 170,000m2 building to house the Zara sales and design teams within Inditex’s complex in Arteixo

Russia accounts for around 8.5% of the group’s global EBIT, Inditex added. (Reporting by Corina Pons, Editing by Louise Heavens).

RELATED ARTICLE Zara makes the first move to capture South Korea's metaverse Zepeto

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CREDITS: Financialpost.com. 

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. 

08 March 2022, Mumbai:

Gap, the American apparel behemoth, has released its fourth-quarter and fiscal-year 2021 results!

The US retail behemoth's fourth-quarter net revenues increased by 2% to $ 4.5 billion, while sales declined by 3% when compared to the same period last year. On a year-over-year (Y-o-Y) and two-year-ago basis, comparable sales increased by 3% in the fourth quarter. The retailer's fiscal year 2021 net sales increased by a stunning 21% year over year to a record US $ 16.7 billion, up from 2% in fiscal year 2019.

ALSO READ: Target's Q4 incremental traffic, marked a quarter of growth

Comparable sales for fiscal year 2021 increased by 6% year over year and 8% when compared to fiscal year 2019. The gross margin in Q4 was 33.7 percent (260 basis points lower than the adjusted gross margin in 2019), but it was 39.8 percent in 2021.

(improved 220 basis points versus 2019 adjusted gross margin).

Operating expenditures for the fourth quarter were US $ 1.5 billion, or 33.5 percent of net sales, while adjusted operating expenses were 33.3 percent of net sales.

On a reported basis, operational expenditures for the fiscal year 2021 were the US $ 5.8 billion, or 35.0 percent of net sales. Operating expenditures as a percentage of net sales were 34.3 percent.

"Today, we fully closed the books on FY 2021 by announcing fourth-quarter profits and reporting US $16.7 billion in net revenues, up 21% year over year."

This is the product of our whole Gap Inc. team's hard work and devotion to our consumers, which I witness in action every day. Our 100K+ strong team is working hard to develop our business, distinguish our brands, accelerate our transformation, and be a force for good in the face of continuous turbulence.

I'm optimistic about our growth plan as we begin 2022.

"I hope you're as energized as I am as you watch this wonderful montage of our Spring creative from Old Navy, Gap, Banana Republic, and Athleta – full of positivity, joy, and unity," says the designer. Sonia Syngal was cited in LinkedIn.

RELATED ARTICLE Zalando, forecasts slower sales growth in 2022

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CREDITS: Gap Inc. & Apparel Resources. 

04 March 2022, Mumbai:

In comes Susanne Pulverer in place of Peter Betzel as IKEA India's CEO and chief sustainability officer (CSO).

*Susanne Pulverer, IKEA India’s new CEO, said India is a prioritised market for the Ingka Group, which owns most of the IKEA stores across the world. 

This will be the third stint in India for Pulverer, who had joined IKEA in 1997 and worked across different roles within the Ingka Group firm, IKEA said in a statement.

ALSO READ: IKEA looks forward to National Retail Policy (NRP) rollout

Pulverer had started her journey as environmental manager for the Ikea Group and moved on to Ikea of Sweden, the product development company where she held various roles in different business categories.

Pulverer praised her predecessor for his work in India. “Peter and the team have done a truly commendable job of introducing IKEA in India as a purpose-led brand, expanding the omnichannel presence across cities, strengthening local sourcing and retail competence, and so much more," she was quoted as saying by PTI.

Pulverer began her association with IKEA as an environmental manager. She worked as the company’s MD of communications from May 2011 to August 2016 in Sweden, according to her LinkedIn profile.

RELATED ARTICLE Budget wish list 2022: IKEA appels for rollout of 'National Retail Policy'

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CREDITS: Money Control Business Standard TOI. 

08 March 2022, Mumbai:

Fast Retailing Co., Ltd., a large Japanese retail holding business, announced a gift to UNHCR, the UN Refugee Agency, of US$10 million (about 1.15 billion yen) to help refugees forced to escape.

The funds will be used by UNHCR to provide urgent assistance such as shelter, psychosocial support, and core relief items to affected populations in Ukraine and neighboring countries.

The donations were made through Japan for UNHCR, a non-profit organization certified as a National Partner of UNHCR in Japan.

ALSO READ: Uniqlo India reduces their losses by 43% to Rs 36 crore

Uniqlo will also contribute 100,000 pieces of Uniqlo apparel and other goods, such as HEATTECH blankets, HEATTECH innerwear, and AIRism masks, as well as 100,000 pieces of winter clothing gathered through the company's clothes recycling programme at Uniqlo shops in Japan.

These supplies will be provided to refugees in Poland and other countries in response to UNHCR requests.  Fast Retailing is one of the world's largest garment retail enterprises, with global sales of roughly 2.13 trillion yen (the US $19.4 billion) for the fiscal year ending August 31, 2021.

RELATED ARTICLE 'Uniqlo India' sales jump by 88%

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CREDITS: PR NewsWire & Apparel Resources.