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The latest biggie to join the mass layoff list in India is the Kishore Biyani-led retail giant Future Group after startups like OYO, Quikr, Uber, Ola and many others are trying to make their business profitable.

 

The Future Group has laid off close to 350-400 employees in order to scale down its ecommerce venture, Retail 3.0. Future Group’s employees from sales, product development, marketing and ground operations have been laid off since the past few months. 

 

The layoffs and scaling down of the ecommerce business was followed by Amazon acquiring 49% of the stake in Future Group’s promotional entity Future Coupons in 2019 for INR 1500 Cr while also acquiring a 3.58% stake in Future Group. 

 

Moreover, both these firms have made a long-term agreement to sell Future Retail’s consumers brands and products on Amazon India. This will aid in both the company’s expansion of offline and online ventures. Moving forward, a huge chunk of Future’s e-commerce revenue will be coming from Amazon India in the near future.

 

Amazon will help Future Retail to come online with its experience and expertise ; in return Future Retail will help Amazon expand offline as well. The partnership is to begin this month with the Future Group’s Republic Day ‘Sabse Saste Din’ sale being featured on Amazon.

 

The Future Group had announced Retail 3.0 in November 2017 at the Nasscom Product Conclave. Retail 3.0 is planned to be a mix of technology and brick-and-mortar stores and is called ‘tathaastu’. The firm began hiring for Retail 3.0 towards the end of 2016 and had over 500-600 employees in 2018.

 

In 2018, Future Retail set a target to become Asia’s largest integrated consumer retailer by 2047 with a revenue in excess of $1 trillion with the help of such a tech model. The company’s business model is not to change over the next 10 years. Retail 3.0 looked to focus on food, fashion and home, with manufacturing, supply chain, distribution and data capabilities.

 

More than 600 million customer visits are recorded across the 2,000 Future Group retail stores, covering over 24 million square feet of space in over 400 cities and towns.”

 

The flagship retail brand Big Bazaar is ranked among the most valuable Indian brands (Interbrand), and among the most trusted brands (Nielsen). 

Leading department store network, Central, smart prices retailer, Brand Factory, and popular fashion destination FBB are also a part of the group, along with a growing chain of small neighbourhood stores, EasyDay and Heritage Fresh, and convenience stores WH Smith and 7Eleven.

Apart from this, Tasty Treat, Golden Harvest, Karmiq, Kara, Sunkist, ThinkSkin, Mother Earth, Kosh, Nilgiris are among the pther leading brands from the Future Group. 

 

Authored by Soham Angal, Content Developer(StartUp Monk)

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CIN- U74999DL2019PTC347107