Amazon buys 5% equity in Indian fashion retailer Shoppers Stop for Rs 179.25 Cr

Updated On : 24 Sep , 2017 , 03:53 PM
Amazon buys 5 percent equity in Indian Fashion Retailers Shoppers Stop
Amazon buys 5 percent equity in Indian Fashion Retailers Shoppers Stop
New Delhi:

Amazon has signed a Rs 179.25-crore deal with Shoppers Stop, purchased 5 percent equity in multi retailer Shopper Stop on Saturday and Amazon will sell its products online exclusively on the e-retailer's website.

The board has approved issuing 43.95 lakh equity shares of Rs 5 each, at price of Rs 407.78 a piece, to Amazon.com NV Investment Holdings LLC, Shoppers Stop said in a BSE filing.

Shoppers Stop, managing director Govind Shrikhande said that he will use the funds to continue expanding physical and online retail businesses.

On October 18, the company will hold a general meeting with all the shareholders to seek their approval.

Also Read: CAIT alleges that Amazon, Flipkart and Snapdeal have violated FDI rules

In a related development, Shoppers Stop also announced it had entered into an exclusive partnership with Amazon Seller Services Pvt. Ltd, PTI reported. “In addition to the website of the company and its group companies, the company will exclusively sell its products online on the Amazon.in the marketplace,” the company said.

In a bid to increase the dominance in the sphere of the online fashion market, Amazon has tied up with Shopper Stop as Flipkart, Jabong and Myntra have already raged the high heated competition.

Also Read: Flipkart, Amazon and Paytm Mall festive season sales on smartphone breaks last year record

First Published : Sunday, September 24, 2017 02:09 PM

POPULAR TAGS:

Download the News Nation Mobile App and stay connected with top stories from India and around the world. Available on Android and iOS.