Tag: Future Group

  • Mythik names Preeti Vyas president to steer content and partnerships

    Mythik names Preeti Vyas president to steer content and partnerships

    MUMBAI: Mythik, the tech-first entertainment upstart styling itself as the “Disney from the East”, has hired Preeti Vyas as president of content strategy, partnerships and consumer products.

    Vyas, who previously served as president and chief executive of Amar Chitra Katha, brings three decades of experience across publishing, retail and entertainment. At Amar Chitra Katha, she engineered the heritage brand’s revival, taking it from nostalgia act to profitable modern player while driving readership tenfold to over 6 million globally.

    Her career has spanned founding Fun OK Please publishing, the company behind children’s favourites like Toto the Auto, to senior stints at Future Group, Sony Music, Toys R Us and Crossword. She also piloted transmedia adaptations of franchises such as Tinkle and built licensing deals that expanded their reach.

    At Mythik, she will spearhead efforts to package mythology, history and folktales from the East for a global audience, tapping into new-age distribution and consumer products.

    Mythik, founder and chief executive, Jason Kothari called Vyas “a rare combination of strategic acumen and creative vision” and said her track record of transforming heritage brands would be key to realising the company’s global ambitions.

    Vyas herself described the role as “an opportunity to present stories from our ancient past at a scale never attempted before”.

    Alongside her corporate career, she sits on industry bodies including the Media & Entertainment Skills Council and the Advertising Standards Council of India, giving her a perch at the intersection of policy, talent and content. 

  • Meenakshi Samantaray embarks on a new chapter with Metro Brands Ltd

    Meenakshi Samantaray embarks on a new chapter with Metro Brands Ltd

    Mumbai: After a successful stint spanning half a decade at ZEE Entertainment, Meenakshi Samantaray as B2B Head of Marketing, a seasoned marketing professional has made a strategic career leap by joining Metro Brands as the head of marketing for the Sports Division The move is a strategic decision aligned with her passion for lifestyle and retail and to leverage her expertise into a fresh venture. She brings a solid marketing background of 13 years from her time at HUL and Future Group, showcasing a strong dedication to innovation and excellence in her new role.

    With a diverse background in live entertainment and sports marketing, she aims to bring her expertise, talent, and wealth of knowledge to propel marketing initiatives at one of India’s leading footwear retail giants.  The new position will allow her to pursue her core interests and utilise her expertise in the field. Meenakshi’s appointment marks a new chapter for Metro Brands as they enter the exciting world of sports marketing, reaffirming their position as a pioneering force in the retail industry.

    Samantaray’s move to Metro Brands Ltd showcases her determination to forge new paths for growth and success in a changing business world. As she embarks on this new journey, all eyes are on Meenakshi to steer Metro Brands to unprecedented heights of excellence in the realm of sports marketing.

  • Pawan Sarda joins Wingreens as CMO

    Pawan Sarda joins Wingreens as CMO

    Mumbai: Wingreends Group has appointed industry veteran Pawan Sarda as its new chief marketing officer. He joins the company from Future Group, where he was working as chief marketing officer of digital, marketing and e-commerce business.

    He comes with an experience of 20 years working in retail, housing, digital, e-commerce and content landscapes. 

    Previously, he has also worked with Tata Housing and Development Company for over three years as marketing & product development head.

  • NCLAT dismisses Amazon’s appeal against suspension of transaction with Future Group

    NCLAT dismisses Amazon’s appeal against suspension of transaction with Future Group

    MUMBAI: The National Company Law Appellate Tribunal (NCLAT) has dismissed Amazon’s appeal against the suspension of transaction with Future Group, and upheld the Rs 200 crore penalty imposed by the Competition Commission of India (CCI). It has directed the US-based e-commerce major to pay the amount within 45 days. Amazon can challenge the NCLAT order in the Supreme Court.

    Last week, the NCLT adjourned the hearing of Amazon’s petition opposing the initiation of insolvency proceedings against debt-ridden Future Retail during a virtual hearing in the matter.

    Earlier, this year in January, US giant Amazon Holdings NV had moved the NCLAT against the CCI. Its case is against CCI’s 17 December where the anti-trust watchdog had suspended and revoked its approval for the deal with Future Group alleging misrepresentation.

    As per the anti-trust watchdog’s 17 December order, Amazon was fined Rs 202 crore by CCI for allegedly misrepresenting and suppressing information while seeking regulatory approval in 2019 to buy a stake in Future Group.

    The move followed a Delhi High Court judgement on 5 January that suspended Amazon’s arbitration proceedings in Singapore against estranged partner Future Group for contract violations, giving the debt-ridden Indian retailer a reprieve.

    The high court had pushed the arbitration proceedings owing to the CCI order. As per the CCI’s 57-page order, it said that the approval for the Amazon -Future deal would be kept in abeyance.

  • WinZO inks principal sponsorship deal with two PKL teams

    WinZO inks principal sponsorship deal with two PKL teams

    Mumbai: Social gaming platform WinZO has been announced as the new principal sponsor for Future Group-owned Bengal Warriors and Adani Group’s Gujarat Fortune Giants for the Vivo Pro Kabaddi League’s (PKL) season 8.

    Focusing on developing a culturally relevant sporting ecosystem, WinZO sees this sponsorship as organic and supporting local talent which promotes ‘Bharat ka Khel- Kabaddi,’ said the platform in a statement

    With a presence in deepest parts of the country and 80 per cent of the user base consuming content in vernacular, WinZO persists to provide social interactive games and formats that are enjoyed by the masses. Hosting 80+ games in 12 languages for a user base of 65 million+, 90 per cent of WinZO’s user base is spread across tier 2 to tier 5 markets, it further said.

    “Just like Kabaddi, WinZO is also homegrown and is building for Bharat. The opportunity struck an instant chord with us,” said WinZO co-founder and CEO Paavan Nanda. “We believe that the Vivo Pro Kabaddi League will certainly provide a massive boost to the growth of the sport and players in the country. It’s a matter of great pride for us to play our part in the advancement of Kabaddi in India.”  

    Vivo PKL, India’s professional Kabaddi league, is the second most viewed sporting event in the country, second only to the Indian Premier League (IPL), with a viewership of 430 million, said the statement.

    “We are delighted to welcome WinZO as the lead sponsor for Bengal Warriors. The game Kabaddi has really found its rightful place as the largest sports league in India,” stated Bengal Warriors CEO Sandip Tarkas. “Bengal Warriors is one of the founding teams of Vivo PKL and is one of the most exciting teams in the league. With WinZO’s association, we are sure Kabaddi will make a BIG splash in the online games space as well.”

  • Sadashiv Nayak appointed as Future Retail CEO

    Sadashiv Nayak appointed as Future Retail CEO

    Mumbai: Future Group’s retail arm Future Retail Ltd has announced the appointment of Sadashiv Nayak as chief executive officer (CEO), with immediate effect.

    Nayak shall also act as key managerial personnel (CEO) for the purpose of compliance under applicable provisions of the Companies Act, 2013, the company said in a regulatory filing.

    Nayak has been associated with Future Group for over 17 years. He has worked at various designations during his association with the group and has been the CEO of Big Bazaar for the last eight years. During his role, Nayak has played a pivotal role in making Big Bazaar what it is today, the company further stated.

    Prior to Future Group, he has worked with Future Consumer Ltd, Hindustan Unilever Ltd, and Asian Paints Ltd. He commands over 27 years of experience in the retail industry.

    Nayak holds an engineering degree in electronics & communications from the National Institute of Technology, Karnataka. He also holds a post-graduate diploma in business management from XLRI, Jamshedpur.

  • Big Bazaar’s ‘Asli Dukaan’ locks horns with Amazon’s ‘Apni Dukaan’

    Big Bazaar’s ‘Asli Dukaan’ locks horns with Amazon’s ‘Apni Dukaan’

    MUMBAI: Big Bazaar has crossed swords with Amazon India by taking a dig at the e-commerce giant’s flagship campaign India ki Apni Dukaan (India’s own shop). The Future Group-owned chain of hypermarkets on Thursday released full front page ads in major newspapers across cities calling itself India’s Asli Dukaan (real/ original store). The ad promises to make deliveries of grocery to customers’ doorsteps in under two hours.

    Apart from the Asli Dukaan moniker, it has played on the word ‘Amazing’ by using terms such as “amazing” service, deals, and products at “amazing” prices. The harping on the word “amazing” is hard to miss! The south India editions of leading print publications had a largely English tagline with only Asli in Hindi, and dukaan changed to ‘store’.

    Amazon has been running an advertising campaign since 2016 with the tagline ‘India ki Apni Dukaan’(India’s own shop), and it is no coincidence that the superstore chain led by Kishore Biyani is now marketing itself as ‘India ki Asli Dukaan’.

    The brick-and-mortar superstore chain Big Bazaar has been entangled in a fierce legal battle with Jeff Bezos’ Amazon for its deal with Reliance Retail. RIL had announced in August last year that it was buying out the retail and wholesale business of Future Group, but Amazon — with a minority stake in an unlisted Future Group company — subsequently dragged the Mumbai-headquartered retailer to court, alleging that the proposed deal violated contractual agreements. The case is currently sub-judice.

    Meanwhile, the debt-laden Future Group is looking at ways to put its assets to better use. Big Bazaar has launched a marketing blitzkrieg taking a dig at the US e-tailer and is ramping up its two-hour home delivery across India to get more customer orders amid the pandemic that has largely confined people to their homes restricting outdoor movement. The company has tied up with hyperlocal delivery companies with employees at their stores doubling up as delivery executives, to drive its Store2Door program and double its online business in the span of a month.

  • Reliance acquires majority stake in UrbanLadder

    Reliance acquires majority stake in UrbanLadder

    New Delhi: Reliance Retail Ventures Ltd, a subsidiary of Reliance Industries continues with its acquisition streak. After acquiring stakes in NetMeds, Future Group and Flipkart, it has now taken a controlling stake in the popular furniture etailer UrbanLadder.

    RRVL has acquired 96 per cent equity holding in Urban Ladder Home Décor Solutions Pvt Ltd (Urban Ladder) against an investment of Rs 182.12 crore. RRVL has a further option of acquiring the balance stake, taking its shareholding to 100 per cent of the equity share capital of UrbanLadder.

    RRVL has proposed to make a further investment of up to Rs 75 crore, which is expected to be completed by December 2023.

    The acquisition further helps Reliance to expand its product portfolio and widen its offerings to the consumers. Some of these categories are apparel, electronics, white goods, groceries, medicines, furniture, and others. 

    “The aforesaid investment will further enable the group’s digital and new commerce initiatives and widen the bouquet of consumer products provided by the group, while enhancing user engagement and experience across its retail offerings.”

    UrbanLadder was one of the earliest entrants in online furniture retailing. It started operations in February 2012 and has been selling home furniture and décor products. It also has a chain of retail stores in several cities across India.

    As per a BSE listing, UrbanLadder’s audited turnover was Rs 434.00 crore, Rs 151.22 crore and Rs 50.61 crore, and Net Profit / (Loss) of Rs 49.41 crore, Rs (118.66) crore and Rs (457.97) crore in FY 2019, FY 2018 and FY 2017 respectively.

    The furniture retailer has created a big online community and strong recall. It has nearly 830k+ members on Facebook and 185k members on Instagram. It is also expected to have a strong pool of databases of consumers that will help Reliance new commerce initiatives in the long run.
     

  • Revolutionising ecommerce: How technology is stepping up in the game

    Revolutionising ecommerce: How technology is stepping up in the game

    NEW DELHI: Ecommerce businesses are having a field time, reaping the benefits of an otherwise massive calamity. More and more people are getting online for shopping everything from grocery to apparel, to automobile, to precious jewellery resulting in a massive jump in their numbers. However, it has also paved the way for the requirement of modifying their business models, amplifying the user experiences, and marrying the offline experiences with online shopping. 

    In a recent panel discussion on “Enhancing the Virtual shopping experience in the New Normal" organised by AnimationXpress.com in association with Autodesk, Indiantelevision.com founder, CEO, and editor-in-chief Anil Wanvari discussed with the leading industry experts their experiences and strategies for ushering in the new era of e-commerce and online shopping that has customer interest at the centre of it and is driven by life-like experiences. Sitting on the panel were Jio VP – advertising and innovations Mohit Kapoor, Future Group group CMO (marketing, digital, and e-commerce) Pawan Sarda, CarDekho, Gaadi & Zigwheels CMO Gaurav Mehta, Vedant Fashions Pvt.Ltd. (Manyavar) head – global ecommerce Prateek Kumar, mirrAR byStyleDotMe co-founder and CEO Meghna Saraogi, Prorigo Software Pvt. Ltd (Jewelfie) founder-CEO Surendra Karandikar, and Autodesk India sr.technical sales specialist, M&E Samit Shetty. 

    The Whole New World of Opportunities

    All the panellists were delighted to agree that Covid-2019 has created a very positive atmosphere for the online retailers and associated businesses who are helping them in curating exciting virtual experiences. 

    Read more news on e-commerce 

    Kumar shared that he was surprised to witness a 350-400 per cent jump in Manyavar’s online sales during the lockdown. “If I talk about pre-covid times, we were already recording a 200 per cent y.o.y growth on our brands. To my surprise, when the lockdown ensued in March and in the following months, we recorded a 400 per cent jump in our online sales. And it was all for pre-paid orders. So it was quite interesting for me to see that people are buying online during the pandemic too.” 

    And this growth in online retailing and shopping isn’t only limited to tier1 cities and metros but goes deep down within the nooks and corners of the country. 

    Saraogi noted, “We are working with around 225 jewellers across the country and I am not only talking about the big brands. There are jewellers who are sitting in tier 3-tier 4 cities, where an aeroplane won’t land, but they are digitising their shopping experience.” 

    Creating Immersive Experiences 

    All the categories which are selling online are now busy in evolving their businesses to offer immersive, real-like experiences to customers online. They agree that the fear associated with the virus is not going away anytime soon and more people are going to explore and buy products online, therefore they are trying to offer as advanced as possible AI, VR, and MR shopping experience to the consumers. Here are the few top trends that the panel highlighted: 

    Digitising Trials 

    Mehta quipped, “While auto-buying and car-buying was already a very digitised function, which we have been noticing for the past few years, in the last six months we have witnessed a number of new users coming on-board. They are looking for as real and as close to natural look and feel of a product as they can get. So, we are investing a lot of time and effort in sharing 360-degree views of the car, along with more raw experiences like how the door opens, how the engine sounds, etc. Whatever can be digitized is being digitized.”

    He added that a lot of focus is put on personalisation of the vehicles for the consumers too, so one can put in place the filters regarding various aspects and functionalities of the sort of vehicle they are looking for and see in options only the relevant results. 3D imaging is also playing a big role.  

    Sarogi pointed out that they personally observed 3D imagery creating a lot of problems for them in terms of offering a smooth user experience, therefore for the time being they have moved to 2D images of products. However, a great emphasis is on facial recognition technology that puts the jewellery right in place and a person can experience it how they will look like wearing it in real life. “We are creating exciting co-shopping experiences too, where you can get on a video call, do screen sharing and show others what the jewellery is looking like on you.”

    Kumar highlighted, “We launched our own app a few weeks ago. Apart from that, we are offering WhatsApp video call options to our customers who can get assistance for shopping just like they get into physical stories. Another thing that we tried was getting chatbots on our sites. And we are seeing around 2000 people interacting with those bots on a daily basis. In fact, 90 per cent of our queries come from those chatbots.” 

    WhatsApp to the rescue 

    While WhatsApp might be dealing with its own shares of problems when it comes to the privacy of chats, it has surely turned out to be one of the favourite tools for online businesses. Not just Manyavar, but other brands have also invested in WhatsApp video calling options and other shopping tools to ease out the process for customers. 

    Kapoor noted, “India has around 60-62 million SMEs and around 30-32 million Kirana stores. When we talk about real-life experiences or 3D imaging, etc., these models won’t work for them. You do not need to see the 3D image of your grocery. They require a whole different model of ecommerce. “We (Jio) have one model, in which we are working with Facebook right now; opening up shopping within WhatsApp and getting on board the small merchants.”

    He added that the firm is working on a number of direct-to-consumer models wherein the focus on simplifying the experience as much as possible. “You can share a handwritten list of your grocery with us in a photo, and we will get it delivered.” 

    Reshaping Offline Stores

    The whole going online business will not necessarily mean that offline brick-and-mortar shops will go irrelevant and non-existent. In fact, the idea is to turn them into exhibition centres for experiences and then the purchases can be made online. 

    Kapoor shared his personal experience of shopping a bicycle from Decathalon wherein he was allowed to test the bicycles in physical stores, but he eventually had to place the order online. 

    Sarda elaborated, “I think stores can really up their capacity in terms of doing businesses if we put another layer of digital on top of it. We can see stores typically as exhibition centres. It will have to be constrained in terms of the number of people who can go inside but I see it as a large opportunity.”

    How Technolgy Firms Are Helping

    There is as much as backend work required to create seamless online shopping experience as much as you see online. Therefore, technical firms and partners are surely playing a key role in assisting online businesses in making shopping a truly immersive and gratifying experience for consumers. 

    Shetty noted, “When it comes to 3D experiences, the smallest of factors like lighting impact the overall experience of a consumer. When it comes to the artist who is working on it, rendering is a big issue; it takes a lot of time. Therefore, the creator might lose patience and just give up on the project and might not try more variants. We are working on specific pain-points like that. We now have GPU rendering, which is an integral part of Autodesk that makes the job simpler, cutting the time significantly.”

    It is also allowing them to make 3D models more real with more apt textures, colours, and backgrounds. 

    Apart from that, they are working hard on collaborative technologies like Shotgun that allows various stakeholders to interact easily on creative projects that can accelerate the approval processes as well. “All this delivers a good ROI to not just us but also to businesses.” 

    Karandikar added that going ahead, there is a lot of constant innovation happening in the technology industry and tools like voice are going to be the next big thing. He suggested that apparel brands can also innovate on aspects like creating life-size mannequins based on a customer’s measurement to give them a real feel of how the product will actually look on them. 

  • Reliance finally acquires Kishore Biyani’s Future retail group

    Reliance finally acquires Kishore Biyani’s Future retail group

    MUMBAI: Mukesh Ambani, Asia’s richest man, can add another sobriquet to his name: that of India’s undisputed – means undisputed –  Retail King. Today, his Reliance  group announced that it was acquiring the retailing empire of Kishore Biyani, who earlier bore the retail king title, in a transaction valued at Rs 24,173 crore. This ends months of speculation and reportage in the Indian media that the two were in talks.

    The vehicle for the acquisition: Reliance Retail Ventures Ltd (RRVL), a subsidiary of Reliance Industries Ltd (RIL).  The deal covers the the retail, wholesale, logistics and warehousing businesses from the Future group. The latter is merging certain companies carrying on the above mentioned business into Future Enterprises Ltd (FEL).

    As a part of the same scheme, the  retail and wholesale undertaking is being transferred to Reliance Retail and Fashion Lifestyle Ltd (RRFLL), a wholly-owned subsidiary of RRVL; the logistics and warehousing undertaking is being transferred to RRVL; and RRFLL also proposes to invest Rs 1,200 crore in the preferential issue of equity shares of FEL to acquire 6.09 percent of post-merger equity; and Rs 400 crore in a preferential issue of equity warrants which, upon conversion and payment of balance 75 per cent of the issue price, will result in RRFLL acquiring a further 7.05 per cent of FEL.

    The Future Group has some well-established  retail formats, including supermarket chain Big Bazaar, upmarket food stores Foodhall, and bargain clothing chain Brand Factory.

    "With this transaction, we are pleased to provide a home to the renowned formats and brands of Future Group as well as preserve its business ecosystem, which have played an important role in the evolution of modern retail in India,” RRVL director Isha Ambani said.  “We hope to continue the growth momentum of the retail industry with our unique model of active collaboration with small merchants and kiranas as well as large consumer brands. We are committed to continue providing value to our consumers across the country."

    Biyani had built up a huge pile of debt at the Future group to fund his expansion plans, but the Covid2019 pandemic put paid to his ability to service it.