Future group, a retail chain operator, whose business was badly affected in the covid pandemic, is restarting its operations again after acquiring a favorable deal from Reliance Retail. It is already known that the Future group closed so many units in 2020 because of a national lockdown.
In a welcome email to employees, Future group owner informed that the company is focusing on its Flagship Republic day sale after getting a big positive deal from Reliance retail. As per the Economic Times report, Kishore Biyani, CEO of Future Group said, “We are also considering to start two new brands in Fashion and Fast Moving Consumer Goods(FMCG) categories. These new brands will offer multiple consumer products related to the above categories.”
In August 2020, Future group already sold all its retail assets to Reliance Retail with an amount of nearly Rs 25000 crores. Amazon, who owns 49% stacks in Future Coupon that is a Future Group holding company, knocked on the door of the Singapore Arbitration Centre in November and got the stay. Since shareholders no objection certificate is one of the requirement to seal the deal, That is why the deal is not yet completed.
Future retail has 1500 retail stores in 400 cities. Big Bazaar is one of the flagship store chains which operates in the category of large stores in India. EasyDay Club and Heritage Fresh come under the category of small store chains under the banner of Future retail. On the other hand, Reliance Retail has 11784 stores across India with a revenue of approximately Rs 38000 crores in the first quarter of 2020.
Big Bazaar’s flagship Republic day sale, started in 2006, is one of the special occasions for the retailers to grab the favorite items at a low price. From the year 2020, Big Bazaar is also going live on the Amazon platform. This agreement will benefit both Amazon and Future Group by leveraging each other’s network for future expansion.
Current development related to Reliance Retail order to Future Group has also brought a piece of positive news for job seekers. The Future Group has announced different openings at top management levels. They are also reopening the retail stores closed due to covid pandemic.
