Showing posts with label Reliance Retail. Show all posts
Showing posts with label Reliance Retail. Show all posts
Monday, May 12, 2008
Rel Retail, Citi tie up for consumer finance
Mukesh Ambani Group company Reliance Retail and Citibank are understood to have agreed to float a joint venture for consumer finance.The two partners are believed to have decided on giving Sandeep Soni, who heads Citibank's new strategic initiatives for alliance and partnerships, the charge of the new venture.
Thursday, May 10, 2007
Carrefour is in talks with potential partners to enter India
Carrefour SA, the world’s second-largest retailer, is in talks with three to four potential Indian partners as it expands outside France to capture growth stronger than that in the company’s domestic market.
Duran, CEO of Carrefour said he expects to pick a partner in coming months for India, the world’s second-most-populous nation. Spending at store chains in the country will surge 15-fold to $60 billion (Rs2,45,351 crore) by 2015, according to Morgan Stanley estimates. Local companies such as Reliance Retail Ltd are speeding store openings in anticipation that the government will open the market to foreign competitors.
Carrefour, which generates half its sales in France, accelerated its expansion in emerging markets last month by agreeing to buy Brazilian retailer Atacadao. The Paris-based company has stores in places from Thailand to Colombia.
The retailer has opened more emerging-market outlets to compensate for discounting in France. Carrefour’s French revenue rose 1.6% in the last quarter, while sales in Latin America advanced 10%.
Read more in The Live Mint article.
Duran, CEO of Carrefour said he expects to pick a partner in coming months for India, the world’s second-most-populous nation. Spending at store chains in the country will surge 15-fold to $60 billion (Rs2,45,351 crore) by 2015, according to Morgan Stanley estimates. Local companies such as Reliance Retail Ltd are speeding store openings in anticipation that the government will open the market to foreign competitors.
Carrefour, which generates half its sales in France, accelerated its expansion in emerging markets last month by agreeing to buy Brazilian retailer Atacadao. The Paris-based company has stores in places from Thailand to Colombia.
The retailer has opened more emerging-market outlets to compensate for discounting in France. Carrefour’s French revenue rose 1.6% in the last quarter, while sales in Latin America advanced 10%.
Read more in The Live Mint article.
Saturday, April 7, 2007
Future group enters consumer finance
The Kishore Biyani-promoted Future group, known for its retail chains Big Bazaar and Food Bazaar, today entered the growing segment of consumer finance by launching its consumer finance outfit called Future Money.
The new company, which will fall under Future Capital Holdings, will initially provide credit up to 70-80 per cent of the cost of purchases made by customers at Future group’s retail stores. It will later consider extending its services to retail outlets owned by others, providing home and car loans, and floating credit cards. The venture will be headed by Rakesh Makkar, who was earlier with Citifinancial.
“Right now there is a complete disconnect between financing and consumption. Future Money is aiming at converging that. After all a retailer is interested in selling goods and by providing financing, we can perhaps increase sale of items like furniture and consumer electronics,” said a senior executive of Future Money.
Makkar said he was not concerned with the increasing cost of money. “It is increasing for everyone, not just us. In fact, we are looking at offering competitive lending rates,” he said. Big Bazaar, Future group’s format of hypermarkets, has an arrangement with ICICI Bank for co-branded credit cards. This relationship will continue as of now.
Reliance Retail and Bharti Retail are also planning in-house credit arms to support their retail ventures. “We will enjoy at least a three-year headstart. It is not easy to set up well-penetrated credit facilities,” said a senior executive of Future Money.
As Future Capital Holdings has the status of a non-banking finance company, Future Money need not apply for it.
The new company, which will fall under Future Capital Holdings, will initially provide credit up to 70-80 per cent of the cost of purchases made by customers at Future group’s retail stores. It will later consider extending its services to retail outlets owned by others, providing home and car loans, and floating credit cards. The venture will be headed by Rakesh Makkar, who was earlier with Citifinancial.
“Right now there is a complete disconnect between financing and consumption. Future Money is aiming at converging that. After all a retailer is interested in selling goods and by providing financing, we can perhaps increase sale of items like furniture and consumer electronics,” said a senior executive of Future Money.
Makkar said he was not concerned with the increasing cost of money. “It is increasing for everyone, not just us. In fact, we are looking at offering competitive lending rates,” he said. Big Bazaar, Future group’s format of hypermarkets, has an arrangement with ICICI Bank for co-branded credit cards. This relationship will continue as of now.
Reliance Retail and Bharti Retail are also planning in-house credit arms to support their retail ventures. “We will enjoy at least a three-year headstart. It is not easy to set up well-penetrated credit facilities,” said a senior executive of Future Money.
As Future Capital Holdings has the status of a non-banking finance company, Future Money need not apply for it.
Subscribe to:
Posts (Atom)
