Big retailers say the events work, but others aren't sure.
Future Group Chairman Kishore Biyani says he takes immense pride in the fact that he is a miser. As a slowdown towers over the economic landscape, Biyani says the biggest worry for retailers these days is the increasing cost of doing business, and passing on the costs to your customers is no longer a feasible solution. Biyani's company has distributed thousands of T-shirts among his employees with the inscription: Garv se kaho ham kanjoos hai (Say with pride that you are a mi
ETAM, the French lingerie brand that has a joint venture with Kishore Biyani's Future Group, recently pulled out of Palm Beach Galleria mall in Navi Mumbai, together with six other retailers such as grocery chain Foodland Fresh and Manoranjan sarees.
Reliance Retail will acquire the retail, wholesale, logistics and warehousing businesses of the Future Group. Future Group's financial and insurance businesses are not part of the deal.
India's retail giants, including Kishore Biyani's Future Group, Mukesh Ambani's Reliance Retail and Sunil Mittal-promoted Bharti group, have started negotiations with the railways for leasing land for retail development.
Though the exact amount of stake dilution is not known, Pantaloon Retail's Managing Director Kishore Biyani said the company would divest more than 20 per cent shares. Future Ventures will house the company's JVs and new ventures.
The tables have turned. Organised retail, which used to cite real estate as its first constraint, is being wooed by developers as there is a sudden surplus created by completion of pending projects and new construction. According to an industry analyst, the rental for a retailer used to constitute 4-5 per cent of its total revenue in the years 2001 and 2002, rising to 7-7.5 per cent in the later years. Industry analysts believe a retailer's profit would get eroded
International coffee chain Starbucks will send a revised application to the department of industrial policy and promotion for an entry into the Indian market.
Ravi Shankar mulls taking his products, available at 600 outlets, to 2,500 stores by 2017; others have plans, too.
Confrontational advertising has become the order of the day in India with corporate houses taking on rivals head-on.
At a time when most retail firms have either gone slow in opening new stores or closed down some to beat the ongoing slump, the Future Group has opened nearly 150 stores across all its formats over the past three months. This month alone, Biyani is opening 15 stores, mainly selling electronic and lifestyle goods.
Kishore Biyani-promoted Future Capital Holdings' initial share sale, which closed its IPO on Wednesday, was subscribed nearly 131 times, as investors shrugged off shaky secondary market sentiment after the benchmark Sensex tumbled nearly 860 points in the last two days.
Delhi Airport has reduced the minimum annual guarantee paid by duty-free operator, Alpha Future.
The potential of India's retail sector may be huge and growing, but soaring rentals, salaries and interest rates could make the journey a bumpy ride for retailers in the near term.
Kishore Biyani-promoted Future Capital Holdings has received the regulatory go-ahead from Sebi for its initial public offer, estimated to raise between Rs 400-500 crore (Rs 4-5 billion).
Reliance Power is being touted as India's biggest ever IPO with an estimated size of over $3 billion, surpassing just over $2 billion raised by DLF. This would be the first ever IPO from Anil Ambani group after being carved out from the erstwhile Reliance empire in 2005.
The group, which employs nearly 26,000 employees, plans to cut employee costs by one per cent, or Rs 65 crore (Rs 650 million), in the current year by redeploying people in its various businesses and reducing new hirings. "Instead of external hiring, we have redeployed a part of our people resources from our mature businesses to the new ventures," Future Group CEO Kishore Biyani said.
According to estimates, entry into India would enable Starbucks to triple its stores to 40,000 worldwide by expanding into emerging markets.
Global retail major Wal-Mart's entry into India through an alliance with Bharti Enterprises could change the market dynamics, but domestic player Pantaloon Retail India Ltd appears game to take on the competition.
The facility will be available at four of Future Group's Big Bazaar outlets in Mumbai. Cleartrip will soon extend this tie-up to other Big Bazaar outlets in the city as well as other metros.
Kishore Biyani, managing director, said the initial public offer would raise around Rs 2000 crore (Rs 2 billion), but refused to comment on the nature of the new company.
Future Media, the media company of Kishore Biyani's Future group, announced the acquisition of on-screen media rights of all Inox Leisure multiplexes in the country for the next two and half years.
As organised retailers try to squeeze margins, Kishore Biyani-promoted Future Group has replaced PepsiCo's Frito Lay snacks with ITC's Bingo at its Big Bazaar and Food Bazaar stores.
The issue will carry a small price band to make it affordable to the retail investor. The company will issue 3,736.15 million shares.
Future Cap's IPO was subscribed 8 times over on the second day of is issue.
Future Capital IPO was fully subscribed within four hours of its opening. The company is expected to raise Rs 490 crore through the IPO.
Making its entry into the last mile retail space, Kishore Biyani promoted Future Group on Wednesday said it will set up 1,500 new format fairprice shops over the next two years.
The stores will sell products under the Fashion at Big Bazaar brand.
Money is not a problem for us but we have to raise it judiciously in view of our aggressive plans.
Future Retail's (FRL's) independent directors have written a second letter to the Competition Commission of India (CCI), stating American e-commerce major Amazon never intended to invest in Future Coupons (FCPL) and the representations made by the US e-commerce player were completely opposite and contradictory to their own internal correspondences as submitted before courts. The directors also wrote to CCI that Amazon has obtained approval by making deliberate misrepresentations. By actively misleading the CCI and the regulator, it has to revoke the approval granted for Amazon's investment in FCPL.
Venturing into the outdoor media business, Kishore Biyani's Future group, with retail brands such as Pantaloon, Big Bazaar
Future Capital will be the first company to hit capital market as it is set to release its IPO at a fixed price band of Rs 700-765 per share.
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