The Future group CEO, Kishore Biyani earlier was not in the favour of online retail because he believed that physical retail is a threat to e-commerce. But after the biggest e-commerce deal between Walmart and Flipkart where 77 per cent stake has been acquired by Walmart for 16 billion US Dollar. Biyani just after this deal said, “A minority stake in Future Group will be sold to a strong global retailer.”
A miniority stake of 10 per cent will be sold to a global retailer and nothing will be change in Flipkart except its ownership and the model will be same, Biyani said. He has met with representatives from Alibaba and Walmart as well as Jeff Bezos, founder and CEO of Amazon, according to sources.
He believes that Future Group leads 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.
– Apparel and Textile News, Apparel Talk, Indian Apparel
