Big Brands End 2018 on a High Profit Note
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Online retailer Amazon is in advanced stage of talks to buy around 9.5 percent stake in Kishore Biyani led Future Retail, according to sources close to PTI. According to a PTI report: A final shape to an agreement between the two parties is expected to take place in first half of December 2018, the sources said although in case of last minute hurdles the deal could be announced as late as January 2019. When contacted, Amazon declined to comment to PTI while messages sent to Future Group Founder and Group CEO Kishore
Biyani remained unanswered by the time of filing story. The Amazon-future Group deal is initially estimated to be around ₹2,000 crore executed under foreign portfolio investor (FPI). The agreement could also include Amazon buying out Biyani and promoter group’s entire holding in future subject to applicable regulations in India. As of September 2018, promoter and promoter group had 46.51 percent share of Future Retail Ltd, which operates hypermarket and supermarket under brands which include- Big Bazaar, Easyday, Foodhall, Hypercity, FBB, Heritage fresh, e-zone and WH Smith.
According to market watchers, this deal is expected to help Amazon strengthen its play in the Indian retail market that is still dominated by offline retailers. The move would also intensify competition further between Amazon and Walmartbacked Flipkart that are locked in an intense battle for leadership in the Indian e-commerce market. Walmart had picked up 77 percent stake in Flipkart for US$ 16 billion, the largest deal in the Indian e-commerce space so far. Both Amazon and Flipkart are pumping in millions of dollars towards building infrastructure and expanding operations in the country. Infiniti Mall is famed for an array of record-breaking attractions, one-of-a-kind leisure experiences with many fashion and retail outlets at both the Malad and Andheri branches in Mumbai. This year, the mall has been the hub of a shopping and entertainment extravaganza, the likes of which have never been seen before. The mall has high-end to mid segment brands across fashion and retail categories like Zara, Big Bazaar Gen Nxt, Trends, Reliance Digital, Croma, Lenskart, Charles & Keith, Aldo, Metro, Skechers, Blackberrys, Calvin Klein, Jack & Jones, Mufti, The Raymond Shop, Biba, AND, Neeru’s, W, Allen Solley, ED Hardy, Marks & Spencer, Van Heusen, Ethos among others, the mall recently added Miniso, MI, Home Centre, Tom Tailor, Ray-ban to name a few for that lavish shopping experience.
Amazon in Talks to Buy 9.5 Percent Stake in Kishore Biyani-led Future Retail Infiniti Mall adds Miniso, MI, Home Centre, Tom Tailor, Rayban to its Portfolio