Courtesy: Shoppers Stop
Mumbai-based Shoppers Stop Limited is all set to sell its 5 per cent equity stake to e-commerce giant Amazon. The stake will be sold to Amazon at Rs 179.25 crore after an approval from its shareholders at an EGM scheduled to be held on October 18. The step by the retail chain is expected to expand its reach to the consumers while increasing its sales.
"Shopper Stop’s tie-up with Amazon Seller Services to list its entire portfolio of 400 brands via a flagship store on Amazon.in would help it to leverage its catalogue on Amazon.in, attract large flow of customers to its site Shoppersstop.com, and leverage the marketing strengths of both the brands," said media reports quoting Govind Shrikhande, managing director at Shoppers Stop.
The earnings from the selling will be put by Shoppers Stop in effective marketing of its product online as well as offline.
Shoppers Stop's board of directors have already approved the selling of equity stake. (RR)
Source Fibre2Fashion News Desk – India