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Indian retail giant plans bank

One of India’s largest retail conglomerates has applied for a banking licence. Future Group said in a statement it has lodged an application for a Payments Bank Licence with the Reserve Bank of India through its founder, Kishore Biyani. “The group proposes, subject to the grant of the license and the other regulatory approvals, to name the entity, NuFuture Payments Bank. The proposed Payments Bank will work towards extending the Reserve Bank of India’s mandate of financial inclusion …

Asics to go it alone in India

Japanese sportswear brand Asics has received Indian government approval to operate as a single brand retailer. As a result, the company will end its exclusive distribution arrangement with Indian retail powerhouse Reliance Retail and appoint its own retail partners. However, it said Reliance would be its preferred retail partner, demonstrating the companies remain on good terms. The company has already formed an Indian subsidiary Asics India Pvt Ltd. “We have an exclusive distribution a…

Van Heusen to target women

The Indian business of Van Heusen is planning a network of stores targeting solely women. Van Heusen, owned by Madura Fashion & Lifestyle, also plans to focus on repositioning its essentially denim-based youth fashion range Vdot. Brand head Vinay A Bhopatkar says the company will open up to 25 stores annually exclusively for women. It also plans another 50 stores annually for its menswear collection as it moves to target tier 2 and 3 cities, currently underserved and home to people wit…

Cash injection for Indian startup

Indian eCommerce startup ShopClues has had a US$100 million funding injection from private investors after spurning takeover bids from rival e-tailers. Founded in Silicon Valley, California in July 2011 ShopClues.com describes itself as India’s first fully managed marketplace that connects buyers and sellers online and offering a trusted and safe online shopping experience. The latest funding round was led by Tiger Global and includes existing private equity investors, with ShopClues’ ow…

Indian etailer offers 3hr delivery

India’s Flipkart is reportedly exploring ways to reduce delivery times to as little as three hours. Tech in Asia reports the Indian ecommerce company is working on the logistics and evaluating the kind of products that can be a part of the initiative. It could introduce this service in three to four cities as early as July. The customers are, of course, expected to pay extra for the services, but it is a service that could be used in emergencies. Flipkart currently offers same day deliv…

China, India to lead retail growth

China and India will be the countries showing the greatest growth in retail real estate in 2015, according to Colliers International’s 2015 Property Outlook. But emerging markets such as Indonesia are also benefitting from political stability, and most Asian markets are seeing solid growth in consumption. “The increased spending power of the younger generation, the rapid growth in middle-class families and the sustained pace of urbanisation across the continent have been the driving forces…

Foreign supermarkets continue to eye India

Foreign supermarket chains are making a beeline to India, sensing the immense growth opportunity of the country’s $500-billion retail sector. After the government allowed 51 per cent FDI in multi-brand retail in September 2012, many global retailers have moved to make their presence felt in the Indian market. They firmly believe in India’s economic growth story, which has paved the way for a flourishing middle class with rising disposable income, says researcher WallStAnalyst. Moreover, In…

Taiwanese Haoshi expands to India

Taiwan’s home decor brand Haoshi is entering India through an association with ST Unicom. The tie up allows ST Unicom, an established player in the furniture and home fashion market, to retail Haoshi’s entire product portfolio through its exclusive brand stores as well as online. “The home fashion market in India is ready for its big leap and the consumer is ready to go an extra mile for good living. Therefore, the organised home décor and accessories market has a huge opportunity her…

Louis Vuitton plans bigger India stores

French luxury brand Louis Vuitton will open bigger stores in India to expand its business there. Louis Vuitton now has five stores in the country since it debuted there a decade ago. It says it witnessed double digit growth for the past years. However, its pace of expansion has been slow due to lack of high street locations. It recently announced that it is shutting down its store at Bergamo Mall in Chennai and will merge its operation there with the Louis Vuitton Bangalore store. “A…

Future Group to buy supermarket chain

India’s largest retailer by revenues, Future Group, is planning to acquire supermarket chain Nilgiris. The Kishore Biyani-led company is reportedly in negotiation with Nilgiris’ majority owner Actis Capital. The acquisition of Nilgiris, which operates 140 supermarkets in South India, will help Future Group to scale up its grocery chain KB Fair Price. Last year, Future Group also snapped up Express Retail, which operates supermarket chain Big Apple, for an undisclosed amount. Future G…