Walmart has launched a range of clothing by its Indian subsidiary Flipkart’s fashion arm Myntra on its Canadian e-commerce site. Labels include Bollywood celebrity-backed HRX, House of Pataudi and All About You.
Flipkart’s CEO Kalyan Krishnamurthy has written to his employees to restate his confidence in the business and rebuke the predictions of the recent Morgan Stanley report on Walmart’s position on India.
Future Retail will raise Rs 2,000 crore ($301 million) from its promoters with the aim of doing away with lease rentals in the coming year and a half, the business said in a statement to the Bombay Stock Exchange.
One of the biggest sellers on Amazon.com Inc’s India website has returned after the online retail giant changed its business structures to comply with new federal e-commerce curbs that took effect last week.
Walmart has asserted that it remains committed to Flipkart and its India investments despite the changes to India’s FDI regulations and a recent Morgan Stanley report suggesting that it could leave Flipkart.
At least three garment manufacturers in Bangladesh that supply European brands such as H&M and Next have laid off thousands of workers weeks after they had joined wage protests, union leaders said on Tuesday.
Uniqlo has seen sales declines in recent months as the weather in the autumn and winter seasons was too mild to boost sales of its cold weather offer. But January was chillier, and therefore better on the sales front.
Tata group firm Titan Company witnessed a 46 percent surge in its net profit to Rs 411 crore ($57.6 million) for the third quarter on the back on strong sales across all verticals during the festive season.
India’s revised e-commerce rules caused widespread disruption on Amazon’s India website when they kicked in on Friday, forcing the company to take down its key grocery service and remove a wide range of products.