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Small towns go online to quench thirst for luxury

Most consumers tend to go bargain hunting online. For a large part of 2019, luxury mall managers reported that sales were lacklustre. Luxury goods websites, however, managed to buck the trend because of 20-50% lower costs on their sites. But at the moment, watch companies do not seem to be finding too many takers in tier-2 and 3 towns.

Luxury retailer The Collective plans expansion

It costs Rs 5-6 crore per store to set up and over the next three years, the company will spend Rs 50-60 crore on The Collective portfolio, its brand head, Amit Pande, said. “We want to double our footprint and our monobrand portfolio will also see growth. However, those (mono-brand) stores cost much less at about Rs 2-3 crore per store to set up.”

Annual deadline for ecommerce's FDI compliance check: September 30

As of now, the government reviews compliance on the basis of internal reports of ecommerce companies. Ecommerce FDI comes under the ambit of Section 15 of the FEMA. FDI-funded marketplaces are only allowed to lend their platforms to third-party sellers and such entities are barred from holding any stock or selling own goods directly to customers.

Govt asks e-commerce firms to file FDI compliance report annually

"Against Sl. No. 15.2.3, for entry (p), the following entry shall be substituted, namely-(p) e-commerce marketplace entity with FDI shall have to obtain and maintain a report of statutory auditor by 30th of September every year for the preceding financial year confirming compliance of the e-commerce guidelines," the gazatte notification said

Senior level exits peak in consumer companies

In retail, food and grocery chain Nature’s Basket chief executive officer Avani Davda has put in her papers, thereby moving out months after the business was acquired by Spencer’s Retail from the Godrej Group. Davda said the exit is due to personal reason.

India ranks 73rd in UN index assessing e-commerce readiness

The United Nations Conference on Trade and Development's Business-to-Consumer (B2C) E-commerce Index 2019 has been topped by the Netherlands for the second consecutive year. The index scores 152 nations on their readiness for online shopping, worth an estimated USD 3.9 trillion globally in 2017, up 22 per cent from the previous year.

Kishore Biyani-led Future Consumer to take its brands to the bigger bazaar

Future Consumer will take its product offerings to general stores across the country with an aggressive policy.

Startup Central: Will IKEA break global format in India?

Startup Central | 'What slowdown?' That’s what IKEAIndia head, Peter Betzel, exclaimed while revealing 5 million shoppers visited the Hyderabad store in 1 year. IKEA now has new plans, which includes services for interior decoration! Nayantara Rai

Grofers loss widens to Rs 448 cr in FY19, co says on track to double GMV to Rs 5k cr in FY20

Grofers, which competes with the likes of BigBasket as well as grocery verticals of e-commerce majors such as Flipkart and Amazon, saw its total income grow by over 56 per cent to Rs 83.62 crore in 2018-19 from Rs 53.47 crore in the previous financial year.

Well-stocked rural kiranas see fewer footfalls amid slowdown

A slump in rural FMCG sales has pulled down the overall industry growth.

Ikea crosses RS 400-crore sales mark in first year

Ikea crosses RS 400-crore sales mark in first year

The Indian market is notoriously value-conscious, and Ikea merchandise are rarely easily affordable.

CAIT seeks action against Flipkart, Amazon for FDI norms violation

CAIT seeks action against Flipkart, Amazon for FDI norms violation

The Confederation of All India Traders (CAIT) claimed that small retailers have suffered at the hands of Amazon, Flipkart and other e-commerce portals for the last one year, leading to decline in their business. "These companies can easily be termed as economic terrorists and a major roadblock in making India a USD 5 trillion economy vision of PM Modi," the CAIT said.

Patanjali secures Rs 3,200 crore loan from banks to buy Ruchi Soya

Patanjali secures Rs 3,200 crore loan from banks to buy Ruchi Soya

"The company has already secured required total debt from a consortium of banks led by State Bank of India," Patanjali Ayurved Managing Director Acharya Balkrishna said in a statement. Patanjali also said it has got loans of Rs 1,200 crore from SBI, Rs 700 crore from Punjab National Bank, Rs 600 crore from Union Bank of India.

SBI refuses to fund Patanjali’s Ruchi Soya buyout on its own

SBI refuses to fund Patanjali’s Ruchi Soya buyout on its own

As much as Rs 3,700 crore of the acquisition cost was supposed to have been funded by bank loans with Patanjali infusing Rs 600 crore from its own internal accruals. Bankers are also wary of funding the home-grown consumer goods company after rating downgrades by rating agencies Care and ICRA in October.

Companies hope to strike gold on Black Friday

Companies hope to strike gold on Black Friday

Black Friday, or the Friday after the Thanksgiving Day in the US, is regarded as the beginning of Christmas shopping season there. Some marketers consider it a “business occasion” to acquire new customers while some others use the occasion to push fresh merchandise sales before winter sales kick in around December 20.

CCI approves Amazon.com's investment in Future Coupons

CCI approves Amazon.com's investment in Future Coupons

The CCI has given nod to Amazon.com's proposal to acquire about 49 per cent share in Future Coupons.

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