Written By Devika Singh The Enforcement Directorate (ED) on April 19 accused Amway India of running a “multi-level marketing (MLM) scam” and attached its assets worth Rs 757.77 crore. This is not the first time that Amway India has been accused of running a ‘pyramid scheme’. Read on to understand how direct selling is different from pyramid schemes and why has the ED attached Amway India’s assets? The direct selling industry is again under the regulatory scanner in India with the Enforcement Directorate’s (ED) move to attach the assets of the Indian unit of US-based direct selling company, Amway. The…
Written By Suvashree Ghosh, Bijou George, and Sankalp Phartiyal It was a contentious plan to repay overseas bondholders in full that brought what would have been India’s biggest retail deal to a grinding halt. Debt-laden Future Retail Ltd.’s offshore bondholders -- a relatively smaller part of the creditor pool -- were promised 100% payment in the rescue offer from billionaire Mukesh Ambani, according to people with knowledge of the matter. Indian lenders were asked to take a haircut of as much as 66%, the people added, asking not to be identified discussing confidential information. The unequal treatment led to the…
Writankar Mukherjee & Sagar Malviya, Economic Times Kolkata / Mumbai, March 28, 2022 The war for instant grocery delivery is going to intensify with Reliance Retail entering the segment with its JioMart platform. The company will start the trial in next 2-4 days in Navi Mumbai for 'JioMart Express' which will sell and deliver around 2,000 stock keeping units (SKUs) in a few hours, two senior industry executives aware of the plans said. Reliance has plans to take instant grocery sales to over 200 cities and towns where JioMart is currently operational by end of next quarter and double the…
Written By Aditya Kalra & Abhirup Roy MUMBAI, March 6 (Reuters) - At a large Future Retail (FRTL.NS) supermarket in Mumbai last week, workers were unloading hundreds of bright blue grocery crates belonging to India's biggest retailer Reliance. Prospective customers were turned back by security, disappointed at the closed state of the store that still carries the signage of Future's biggest brand, Big Bazaar, but which will likely soon be rebranded as a Reliance outlet. Across India, similar scenes are being played out as Reliance Industries (RELI.NS), India's biggest conglomerate run by Mukesh Ambani, the country's richest man, presses ahead…
Written By Christina Moniz D2C brands take the offline route to widen reach Direct-to-consumer (D2C) brands are fluffing up the Indian mattress category with promises of lower prices, mattress-in-a-box convenience, 10-year warranty and 100-day trials. In a market that is predominantly unorganised, startups such as Wakefit, The Sleep Company, SleepyCat and Flo are aspiring to establish themselves as better alternatives to legacy brands such as Kurlon and Sleepwell, with most of them looking at the offline retail route too, to boost sales. According to a Research and Markets report, while India’s overall mattress market has grown at a CAGR of…
Geopolitical friction has again sparked renewed concerns over inflation and rising input costs for FMCG companies as @itmeansjustice @whysnavi write. @devangshu commented.
