Future Consumer and Future Enterprises under the Future Group have started receiving large orders from Reliance Industries Ltd, according to the former’s chief executive officer Kishore Biyani, who, in a recent email to his employees, said the group is conceptualising two new brands that will offer products in multiple categories in fashion and fast moving consumer goods (FMCG).
US company Amazon had dragged the Future Group to arbitration at Singapore International Arbitration Centre (SIAC) after a group firm signed a pact to sell the group’s retail, wholesale, logistics and warehousing units to Reliance in August last year.
“There is a lot of work that has been going on with these brands and you will see them come alive in stores by March,” a news agency quoted Biyai as saying in his email.
While the COVID situation has interrupted everything, things are steadily coming back to their usual rhythm, he said.
“As you are aware, we have started opening new stores as well. A new Big Bazaar opened in Palassio Mall in Lucknow in December and has received very encouraging response from customers. One more Big Bazaar store is scheduled to open in Mokama in Bihar in January,” Biyani informed.
Biyani also mentioned about the group’s ‘Sabse Sasta Din on 26th January’ to achieve the best Republic Day sales ever.
Both the Future Group and Amazon recently wrote to the Securities and Exchange Board of India (SEBI) with contrasting requests over the Rs. 24,713 crore buyout of assets of India’s second-largest retailer.
Future Group has requested the regulator to expedite the review of the proposed deal and issue a no-objection certificate, while Amazon has urged that the review of the ‘impugned transaction’ be suspended.
