Abof — short for Aditya Birla Online Fashion — held a 20-minute townhall meeting and informed its employees that December 31 would be the last day of its operations.
Christina Ruggiero also added that “lack of data” is the reason behind the misconception that this total category is declining in the sixth largest market for the American giant.
Flipkart will hold its BBD sale from September 20 to 24, senior director Smrithi Ravichandran said. Amazon's Great Indian Festival Sale will begin and end a day earlier or later, the industry executives said, declining to be identified.
The majority stakeholder in UB, Dutch-brewer Heineken recently launched an alcohol-free version of its namesake beer with half the calories of a standard Heineken in 17 markets globally.
The ban had severely impacted the spirits and beer industry in India too. While the spirits industry was down by about 4 per cent, beer industry was down by 2 per cent.
These funds will help the company to further strengthen its presence in the country and expand beyond traditional food categories.
Spirits cos, which expected most liquor shops and bars to relocate or reopen in a few months, now say the situation may normalise only by next year.
“Both investors have funded equally for this round and Goldman Sachs now holds about 40% in the company,” the person said, requesting anonymity.
Uniqlo is now looking to enter the market by 2019 and is seeking help from CBRE to carve out a 15,000-17,000 square feet space in North India for its first store.
New launches, safety pitch help noodles' June quarter sales rise to Rs 990 crore from Rs 190 crore in same period in 2015.
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