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.
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