Apparel Online India Magazine October 1st Issue 2018 | Page 45

DOMESTIC UPDATE Traders launch 90-day long Rath Yatra to oppose Walmart-Flipkart deal The Confederation of All India Traders (CAIT) have started their 90-day long ‘Rath Yatra’ to oppose the Walmart’s acquisition of Flipkart in a record US $ 16 billion deal, which was given the nod by the Competition Commission of India (CCI) last month. The campaign named ‘Sampoorn Kranti Rath Yatra’ kicked off at the Red Fort, in New Delhi, and will conclude later this year, after covering most parts of the nation. In a statement issued, the CAIT said, “The yatra after completing its journey across the country will culminate in a ‘Mass Rally’ on December 16 at Ramlila Grounds, New Delhi.” Notably, later this month, CAIT has also called for a Bharat Trade Bandh to oppose Walmart-Flipkart deal and Foreign Direct Investment in retail trade. Recently, India’s traders’ body went to National Company Law Appellate Tribunal (NCLAT) to register their plea against CCI’s approval of Walmart’s takeover of Indian e-commerce firm, which led to NCLAT issuing a notice to the US-based retailing giant to elaborate its business plans. The US $ 16 billion record deal gave Walmart a 77 per cent stake in Flipkart with the remaining shares in the business still being held by the e-commerce company’s co- founder Binny Bansal, Microsoft Corporation, Tencent and Tiger Global. It is important to add here that NCLAT’s deadline that was given to Walmart to elucidate its business model in the country ends this week and the American retailer is yet to submit its response. M&S launches its first store in Odisha The British apparel and home retailer, Marks and Spencer has launched its first store in Bhubaneswar (Odisha) in a bid to expand its presence in India in partnership with Reliance Retail. According to a leading media house, to meet the rapidly increasing demand for the brand, it plans to open 10 stores annually. Esplanade One mall will host the first M&S store in the city and it is spread over 6,700 sq. ft. area. The new outlet will stock the latest trends in womenswear for A/W ’18 as well as a varied range of wardrobe staples that include denim, knitwear, outerwear, smartwear, and much more. James Munson, MD, Marks & Spencer Reliance India elucidated at the launch event that being a fast-growing IT city, Odisha was in the company’s sights for some time and the retailer is thrilled to be opening the first store here. “Odisha is a rapidly growing IT “Odisha is a rapidly growing IT and education hub with mass younger audience who are on look-out for international fashion trends and experiences.” – James Munson and education hub with mass younger audience who are on look-out for international fashion trends and experiences. The city is enjoying good economic growth and we feel this is the right time to enter the market,” James said. The Managing Director further added that the company is focusing on major areas that have shown significant growth in the recent past, like womenswear and innerwear. The retailer also revealed its plans that the next store openings will take place in Hyderabad and Delhi in the coming time. Having forayed into the Indian market with collaboration with Reliance Retail back in 2008, the brand operates 67 stores in 32 cities across the nation and is also available on leading online marketplaces such as Jabong, Myntra, Amazon, and Ajio. www.apparelresources.com | OCTOBER 1-15, 2018 | Apparel Online India 45