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Future Group and Amazon India have formed a partnership by which the retailer will sell its goods sold exclusively online. the companies said. Immediately after the news broke Monday, the shares for Future Retail Ltd jumped 6.4% while that of Future Lifestyle Fashions Ltd gained 5%.
The deal is deeper than just transactional involvement with Amazon. We are exploring several synergies in data sharing, co-branding, cross promotion and distribution network sharing through the partnership, confirmed Biyani
Future Group is an Indian private combination of firms, headquartered in Mumbai. The company is known for having a significant prominence in Indian retail and fashion sectors, with popular supermarket chains like Big Bazaar and Food Bazaar, lifestyle stores like Brand Factory, Central etc. and also for having notable presence in integrated foods and FMCG manufacturing sectors.
"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," Future Group said in a statement.
Croma, the electronics chain owned by the Tata Group, signed a similar agreement with Snapdeal.com last month.
"We are excited to collaborate, leverage each others 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 Amit Agarwal, vice president and Country Manager, Amazon India.
Aw: Arun kumar