Reliance Industries Ltd said on Tuesday its unit Reliance Retail Ltd (RRL) has acquired consumer goods company ITC Ltd’s menswear brand John Players.
Reliance Industries plans to grow the number of low-cost Reliance Trends fashion stores across India to 2,500 from 557 over the next five years and integrate them with its online business, two people briefed on the plans said.
US retail major Walmart said it is "disappointed" with recent changes in FDI policy for e-commerce firms in the country, and hopes for a collaborative regulatory process going forward which results in a level-playing field.
Reliance said the acquisitions will help it to strengthen its foothold in the retail industry and support its long-term strategy to enhance its value in the industry.
Tata group retail firm Trent Tuesday reported a 6.28 per cent rise in standalone net profit at Rs 40.27 crore for the third quarter ended December 2018. The company had posted a net profit of Rs 37.89 crore in the October-December quarter a year ago.
India's creative goods exports nearly tripled from USD 7.4 billion in 2005 to USD 20.2 billion in 2014, according to a UN report
The policy changes the government announced on Wednesday for the e-commerce sector would have long term implications, said leading e-tailer Flipkart on Friday.
Amazon said its customers worldwide have shopped at record levels from a wide selection of products across every department, and they purchased millions more Amazon Devices this holiday season than last year, with the best-sellers for this holiday including all-new Echo Dot, Fire TV Stick 4K with Alexa Voice Remote, and Amazon Echo smart speaker.
American retail giant Walmart-owned leading e-commerce player Flipkart Group includes online fashion portals Myntra and Jabong.
The Board recalled that the measures adopted are "provisional" and aim to "preserve the interests of the group and ensure the continuity of the operational activities."
Warnings from retailers prompted caution ahead of the holiday season, increasing selling pressure on equities as investors fret about a slowdown in global growth, peaking corporate earnings and rising interest rates.
British fashion group New Look is to exit China and will close its remaining 120 stores there by the end of the year, it said.
Amazon.com Inc (AMZN.O) is likely to buy an at least 7 percent to 8 percent stake in India’s Future Retail Ltd through an investment arm, CNBC-TV 18 reported, citing sources.
NCLAT adjourned its hearing over the petition filed by traders' body CAIT against fair trade regulator CCI's approval of Walmart's USD 16 billion acquisition of Flipkart.
Ted Baker
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