Mumbai, Oct 13: Kishore Biyani-led Future Group has reached an agreement with the world’s largest online store Amazon. Future group’s portfolio of over 40 brands will now be retailed exclusively through Amazon.in platform, said a report.
This development has taken place just after Biyani complained of e-commerce companies, particularly Flipkart, of under-cutting the market and selling products at even below the cost price.
Future group is known for its significant place in Indian retail and fashion sectors with lifestyle stores like Brand Factory and Central and popular supermarket chains like Big Bazaar and Food Bazaar.
Future Group through a statement said: “The alliance will leverage strong product knowledge, extensive brand portfolio and sourcing base of Future Group, and the e-commerce platform, customer base and reach of Amazon.in.”
“The partnership will initially focus on Future Group’s fashion brands and will subsequently cover all other categories.” said the statement, adding “Partnership with Amazon, which obsesses to be earth’s most customer-centric company, will enable us to leverage their strengths, investments and innovations in technology to reach out to wider set of consumers across India.”
Biyani reportedly said: “Partnership with Amazon, which obsesses to be earth’s most customer-centric company, will enable us to leverage their strengths, investments and innovations in technology to reach out to wider set of consumers across India.”
“We are excited to collaborate, leverage each other’s unique strengths and serve customers across India. The product portfolio of Future Group, their innate understanding of the Indian consumer mindset and our ability to serve and deliver a convenient, easy, trusted and reliable delivery experience to a nationwide set of customers is a win-win for all,” said a newspaper report quoting vice president and Country Manager, Amazon India, Amit Agarwal.
The report said that Amazon will also partner Future Group brands in promoting the existing and new brands in markets, explore co-branding opportunities and accelerate new product development in categories which are currently not served by retailers.
(With Agency Inputs)