Asia's richest man Mukesh Ambani announced details of a new online shopping platform Friday that will see his oil-to-telecoms conglomerate Reliance Industries take on Amazon and Walmart in India's e-commerce market.
A number of celebrity fashion brands including HRX, All About You and Alia Bhatt for Jabong may have to change their business models due to the new foreign direct investment policy due to take effect on February 1.
India's new foreign investment restrictions for its e-commerce sector, which includes giants such as Amazon and Walmart's Flipkart, could reduce online sales by $46 billion by 2022, according to a draft PwC analysis.
Lenskart's eyewear brand John Jacobs will expand its retail presence in the country with the addition of 50 new stores over the next two years with an aim to generate sales worth Rs 500 crore (approx $71 million).
A group representing online sellers in India will appeal against the Competition Commision of India’s (CCI’s) ruling in favour of Walmart-owned Flipkart, the group’s lawyer Chanakya Basa said in a release on Saturday.