Amazon seeks to block sale of Future’s small-format stores
Amazon has written to Big Bazaar parent Future Retail (FRL) in an effort to block the probable sale of the latter’s small-format chain of stores that operate under the Easyday and Heritage Fresh brands. The US e-tailer has offered financial help to the cash-strapped retailer. The development comes against the backdrop of an ongoing legal battle between the two retail heavyweights on the one hand and FRL’s lenders looking to sell the stores to recover Rs 3,500 crore in dues on the other.
Insurers seek more tax sops to up coverage
Insurers are rooting for income tax sops for individuals in the upcoming Budget to boost insurance penetration in the country. The move comes at a time when awareness about having an insurance cover for protection from uncertainties such as the pandemic has hit a high.
HUL Q3 net up 17% at ₹2,243cr amid inflation
Hindustan Unilever (HUL) has reported a 17% growth in standalone profit after tax at Rs 2,243 crore during the third quarter ended December 31, 2021, as compared to Rs 1,921 crore in the corresponding quarter of the previous year. Domestic consumer growth was at 11%, driven by product price increases to offset inflationary pressures, with total income rising 10% to Rs 13,183 crore.
Carhartt facing calls for boycott after keeping vax mandate despite Supreme Court ruling
Conservatives on social media are blasting apparel manufacturer Carhartt and calling for a boycott of the company after it announced it would continue to mandate the coronavirus vaccine for employees.
Walmart invites Indian sellers to join its US marketplace
Retail giant Walmart on Thursday said it is inviting select Indian sellers to join Walmart Marketplace, a curated sellers community that serves more than 120 million US shoppers each month. India is already one of the top sourcing markets for Walmart and the retail major has set an ambitious goal of exporting $10 billion from India each year by 2027.
Future Group mulls SC bid to avoid being named defaulter
Future, the country's second-largest retailer, has since 2020 failed to complete its $3.4 billion retail asset sale to a rival due to successful legal challenges by Amazon, which argues the Indian group violated certain non-compete contractual terms the two sides had. Future denies any wrongdoing.