Amazon’s strategy to tap into India’s offline market has got a boost with the firm picking up 5 per cent stake in Shoppers Stop.
The two companies have also signed an agreement under which Amazon Experience Centres will be opened across Shoppers Stop’s network of 80 stores.
Arun Sirdeshmukh, Head, Amazon Fashion said: “This partnership enables Amazon.in to further extend its leadership on selection in fashion category...and enables Shoppers Stop to access Amazon.in’s nationwide customer base and expand its reach to newer geographies.”
On Saturday, the board of directors of Shoppers Stop Ltd approved the issue of 4,395,925 equity shares of the company to Amazon.com NV Investment Holdings LLC, at a price of ₹. 407.78 per share, aggregating to ₹. 179.26 crore on a preferential basis. Shoppers Stop shares had closed at ₹416.45 per unit on the BSE on Friday.