Future Group shares gain on tie-up with Amazon

Shares of Future Lifestyle Fashions and Future Retail ended with as much as 2.2 per cent gains after the Kishore Biyani-led Future Group entered into a strategic alliance with e-commerce player Amazon India to sell its merchandise exclusively online.
Future Lifestyle Fashions rose by 2.19 per cent to end at Rs 93.25. During the day, it rallied 5.64 per cent to Rs 96.40 on the BSE.
Shares of Future Retail was up 1.36 per cent to Rs 115.60 after earlier gaining 5.21 per cent to Rs 120.
The alliance comes days after Biyani, who is known as a pioneer of Indian retail chains, had criticised Flipkart and other e-commerce retailers in India for under-cutting the market and selling products at even below the cost price, saying that it would hurt other retail channels.

The American e-commerce giant founder Jeff Bezos had met Biyani during his recent visit to India.
Future Group's partnership with Amazon will start with fashion merchandise and eventually extend to all categories. Its current portfolio of over 40 brands including Lee Cooper, Converse, Indigo Nation, Scullers or Jealous21 will be retailed exclusively online through the Amazon.In platform.