Zee Media Bureau
New Delhi: Online retailing giant Amazon.in has tied up with Kishore Biyani's Future Lifestyle Fashions Ltd to sell the latter's 45 apparel labels online and pan out with other categories eventually.
Future group today informed BSE regarding a Press Release dated October 13, 2014 titled "Amazon.in and Future Group enter into a strategic partnership".
Reportedly, Amazon and Future Group will also jointly sell products which will be developed by them across various categories.
The tie-up between the online and offline retailer comes days after Biyani showed his discontent over anti-competitive practices by online retailers such as Flipkart.
Recently Flipkart splashed full-page advertisements in leading newspapers across the country, offering "bumper discounts" and "crazy deals" on consumer durables, electronic goods and a variety of utility products at unbeatable prices, there was a mad rush for placing orders, as some of the most-sought after products were available on first-cum-first basis due to limited stocks.
Miffed at sale of products below its manufacturing price, Biyani said such undercutting can be done "only to destroy competition".
Confederation of All India Traders (CAIT) too has expressed concerns over huge discounts being offered by e-commerce firms. It has asked the Commerce and Industry Ministry to take steps to monitor and regulate online businesses.
"Such a practice if continued, may result into unavailability of products in offline market which will further result into a monopolistic situation which will be controlled and dominated by the e commerce retailers," CAIT National General Secretary Praveen Khandelwal had said.
