The unit can sell only locally produced and packaged food products and will directly compete with Grofers and BigBasket in the online segment.
Brands such as Global Desi, Mango, Marks & Spencer and Levi’s have been offering discounts of 40-50% for several months now.
The company is said to have been encouraged by the response to more than a dozen pop-up stores that it opened in malls across India to showcase Pixel 2 phones and educate consumers on its features.
The Bengaluru-based firm will display some of its products in kirana outlets, like FMCG firms do by hiring dedicated shelves at such stores.
Govt will reimburse to the banks for two years the MDR on transactions made through debit cards, BHIM or Aadhaar-enabled payment systems for value of up to Rs 2,000.
Myntra already sells more than 100 beauty and cosmetics brands including MAC, Clinique, Bobbi Brown, and Estee Lauder, on its ecommerce platform.
Deal values Impresario Entertainment at about Rs 500 crore; owner Riyaaz Amlani to retain 20-25% shareholding in company
Retailers are planning a campaign to highlight how the latest revision in the charges they pay to enable debit card transactions is an anticonsumer move.
RBI revised MDR for debit card transactions with effect from Jan 1 next yr. At shops with annual revenue of Rs 20L, MDR will be 0.4% of purchase value or Rs 200.
Malls have also refused to pay half the goods and services tax (GST); they used to pay 50% of the service tax on rentals.
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