It has been waiting in line with other global retailers like Carrefour and TESCO to tap the growing and lucrative Indian market.
The minister, who was in Brussels on a two-day visit, said that seven Chief Minsters including Maharashtra, Haryana, Andhra Pradesh, Delhi, Assam, Rajasthan and Kerala have already given their written commitment on allowing FDI in the sector.
The finance ministry is arriving at a consensus to reject a proposal mooted in government to permit foreign direct investment (FDI) in multi-brand retailing.
Speaking at Assocham's international retail summit, Rakesh Kacker, additional secretary in the Department of Consumer Affairs, said the government would take a decision at an "appropriate time". He did not specify the time-frame. The move has been in abeyance due to protests from across the political spectrum.
The retailer has registered a new company called 'Wal-Mart India Private Ltd' in the country.
The officials say no "concrete move" has yet been taken to take the matter to the Union cabinet for approval after the recommendation of the Committee of Secretaries (CoS) on July 22 to allow 51 per cent FDI.
The company is not holding plans for clarity on policy.
Notification after Parliament session; execution ball to be in states' court.
A single application and a plethora of services for passenger cars - that is what myTVS, a brand that operates under Ki Mobility Solutions and is part of the TVS family, is set to bring to customers, in a bid to disrupt the concept of "super apps" in India. Starting July 15, myTVS will launch its connected car platform or super app called myTVS Life360 for aftermarket passenger cars. Through it, customers will be able to avail themselves of a range of services like maintenance, diagnostics, roadside assistance, accessories, payments, insurance, and so on.
Delhi's Industry Secretary Amit Yadav told PTI that the city government has communicated its decision to the Department of Industrial Policy and Promotion of the government.
Whether it's Carrefour, Ford, or other foreign majors, they are ready to adjust their strategies and design their plans in a way that would address the Indian consumption story.
He said policy could not be rigid, while declining to say by when FDI in multi-brand retail would be allowed.
Walmart acquired Bharti's 50 per cent stake in the wholesale joint venture.
Vivek Biyani, the nephew of retail veteran Kishore Biyani, will launch a retail chain focused on direct-to-consumer (D2C) brands under the name Broadway, along with actor Rana Daggubati, Apurva Salarpuria of Salarpuria Group and Anuj Kejriwal of Anarock Retail. This new retail format is a multi-brand outlet, which will house D2C brands under one roof. The first store is set to open in Delhi in August this year, and subsequent store launches in Hyderabad and Mumbai are slated in September 2024 and March next year, the company said in its release.
From its lows over the past month, the stock of footwear major Campus Activewear gained 13 per cent to Rs 280.4 a share. The gains came on the back of better than expected operating profit margins in Q4, reduction of debt and expectations of market share improvement. The company expects volume growth, which has thus far missed expectations, to recover going ahead on the back of multiple triggers.
DEA objects to the company's 29 Indian stores having sub-brands as a rule violation; DIPP doesn't agree.
Analysts say July 23, 2011, was like a red letter day for foreign investors when the Committee of Secretaries, headed by Cabinet Secretary Ajit Kumar Seth, recommended opening up the multi-brand retail trade.
The government eased investment rules for the retail sector on Thursday in a renewed attempt to attract foreign supermarket operators such as Wal-Mart Stores Inc and Tesco.
Can the launch of smartphones under its own brand name by Finnish company HMD Global - despite having a licence to use the Nokia brand which it bought from Microsoft - help it regain its once dominant position in the mobile phone sweepstakes in India, where it was once routed? In 2009, Nokia was the country's largest MNC with revenues of $4 billion and a market share touching 80 per cent in 2010. After this, its fortunes fell. Although it had been the first global player to set up an assembly plant, not only to assemble phones for the local market but for exports, it had to shut down operations in 2014.
The 'Killer' logo will be displayed on the right upper chest of the Team India jersey till May this year.
In what will be a historic decision, the Union Cabinet is likely to clear a policy paper that seeks to allow 51 per cent FDI in multi-brand retail trading and 100 per cent FDI in single-brand retail on Thursday.
India's largest traders' association CAIT on Tuesday said few multinational e-commerce giants with a heavy arsenal of funding are attempting to flout foreign investment guidelines for the sector and demanded strict enforcement action. Releasing a whitepaper on the e-commerce policy, the Confederation of All India Traders (CAIT) said e-commerce entities have "structured their relationship as marketplace with sellers in a such a way that they are in a position to control either seller on their platform or the inventory and also escape the scrutiny of the enforcement agencies." "Under the guise of such control or ownership over sellers, the issue also permeates from being a mere FDI policy violation to also being an anti-competitive conduct," it said.
'Customers will end up pre-buying laptops, even at inflated rates. The same is true for second-hand and refurbished pieces that a company's authorised stores sell.'
Traders' body CAIT on Wednesday accused e-commerce major Amazon of indulging in serious contraventions of FDI policy and Foreign Exchange Management Act. The body also blamed the online firm for not seeking the government's approval for conducting multi-brand retail activities in India.
In the April-June quarter (Q1) of 2023-24 (FY24), growth in sales of FSN E-Commerce Ventures (the parent company of Nykaa) decelerated to 24 per cent year-on-year (Y-o-Y), and 9 per cent quarter-on-quarter (Q-o-Q), compared with 34 per cent in the previous quarter, due to a decline in the beauty & personal care (BPC) and fashion division's gross merchandise value (GMV). But Nykaa claimed it gained market share in both divisions. The earnings before interest, taxes, depreciation, and amortisation (Ebitda) margin of 5.2 per cent expanded 120 basis points (bps) from a year earlier.
The show-cause notice dated February 8 by DCGI V G Somani cited a Delhi high court order dated December 12, 2018, which prohibits online sales of medicines without a licence.
Since its October high last year, the stock of innerwear major Page Industries has been on a downtrend, shedding a little over 30 per cent of its market value. Higher competitive intensity, muted volumes, pressure on margins, and rich valuations have led to downgrades for the stock. The October-December quarter (third quarter, or Q3) performance was lower than the Street's expectations - both on volumes/sales and margins.
'India has a lot of potential, not just in commercial aspects, but also in hiring of people and sourcing of products.'
Street gave a thumbs down to Aditya Birla Fashion and Retail (ABFRL)-TCNS Clothing deal as analysts flagged near-term profitability risks for ABFRL with its latest acquisition. At the bourses, shares of the Aditya Birla group company tumbled 6.2 per cent in the intra-day trade, before settling 3.27 per cent lower at R 207.2. Those of TCNS, meanwhile, plunged 20 per cent to end at Rs 416.64.
In a major expansion into sportswear and lifestyle wear segment, the Kumar Mangalam Birla-led Aditya Birla Fashion & Retail has signed a long-term licensing agreement with Authentic Brand Group of New York, which has the marketing and branding rights of Reebok, to run the operations of the global sportswear, athletic and lifestyle major in the country and ASEAN markets. The new agreement between the largest domestic multi-brand fashion retailer and Authentic Brand is an extension of their existing relationship as ABFRL already markets and sells some ABG brands like Forever 21. The agreement follows the global transfer of ownership of the Reebok brand from Adidas to ABG, which is expected to close in the first quarter of 2022.
After a five-day long visit, Apple CEO Tim Cook left India with a note that he can't wait to return to the country. The visit of Cook coincided with 25 years of the iPhone maker's presence in India. Cook arrived in India on Monday. The visit started with the launch of the first official Apple store in Mumbai on April 18 followed by a second in the national capital on April 20.
At a time when the overall narrative is around India being an attractive investment destination, the two American multinationals are more specific in projecting India as their centrepiece.
Online retail in the country is expected to grow to $200 billion by 2026, up from $15 billion in 2016.
'For our traditional membership base, it would be an access to disruptive ideas,' FICCI President Subhrakant Panda tells Asit Mishra/Business Standard.
Tesco was the first global retailer to apply for multi- brand retailing in India.
made it clear that shops in market places, multi-brand and single brand malls located in municipality areas shall continue to remain closed till May 3.
It also said that there is a need to improve investor confidence about the surrounding ecosystem in the country to attract more FDI inflows.
Goyal wondered why an e-commerce market place model, where a firm provides an IT platform for buyers and sellers, was incurring such huge losses adding that it needs to be looked into.
The multi-brand strategy could drive profitability to a 25% profit margin in the next five years from 17% now.
AAP, set to form the government in Delhi, had said it was opposed to foreign direct investment in multi-brand retail.
