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Regular-article-logo Wednesday, 24 April 2024

Amazon, Future tie up

The tie-up between the two comes at a time Mukesh Ambani is set to enter online food and grocery retailing through Jiomart

Our Special Correspondent Mumbai Published 06.01.20, 08:20 PM
For the Future-Amazon duo, the fresh development comes after the latter had agreed to buy a 49 per cent stake in Future Coupons, which in turn held a stake in Future Retail

For the Future-Amazon duo, the fresh development comes after the latter had agreed to buy a 49 per cent stake in Future Coupons, which in turn held a stake in Future Retail (Shutterstock)

Amazon India and the Future group on Monday said they have entered into “long-term business agreements” to help expand the reach of the Future group’s retail stores and consumer brands.

The tie-up between the two comes at a time Mukesh Ambani is set to enter online food and grocery retailing through Jiomart. Reports say Jiomart’s services are available in certain suburbs outside Mumbai.

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For the Future-Amazon duo, the fresh development comes after the latter had agreed to buy a 49 per cent stake in Future Coupons, which in turn held a stake in Future Retail (FRL).

In a filing to the bourses on Monday, FRL said the reach of its retail stores and consumer brands will be widened through the Amazon India marketplace. FRL and Amazon India have signed two agreements that focuses on the categories of grocery and general merchandise, fashion and footwear.

Amazon India will also become the authorised online sales channel for FRL stores, and FRL will ensure participation of its relevant stores and programmes within the Amazon India marketplace.

Group firm Future Consumer Ltd (FCL) has entered into a long-term agreement with Amazon Retail India Pvt Ltd (ARIPL) for distribution of Future Consumer’s portfolio of brands online. Some of FCL brands include Tasty Treat, Voom, Dreamery, Karmiq, Mother Earth, Kara, CleanMate and others.

A press statement said as part of the partnership, FRL will augment existing store-infrastructure at its retail outlets for facilitating seamless packaging and pickup of products ordered online.

While the companies have already launched this service across 22 stores, they plan to expand this across the entire FRL store chain based on agreed timelines.

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