Kishore Biyani, the chief executive officer of Future Group, plans to sell 10 per cent of the company’s stake to a global retailer. The decision is a result of the recent Flipkart-Walmart deal, one of the biggest e-commerce deals in which the American retailer acquired 77 per cent stake in the biggest online retailer of India for $16 billion.
A minority stake in Future Group will be sold to a strong global retailer, Biyani told a leading business daily. He has already met with representatives from Alibaba and Walmart as well as Jeff Bezos, founder and CEO of Amazon, in this regard, according to media reports.
Biyani believes that Future Group has a lead over the other retailers in India and he will be using one of the world’s biggest economic deals to his company’s advantage to attract a global retailer.
Regarding the deal, Biyani had told a news agency that nothing will change in Flipkart except its ownership. The model will be the same.
The Future Group CEO was initially not in the favour of online retail and had believed that physical retail is a threat to e-commerce. (KD)
Fibre2Fashion News Desk – India