Amazon affiliate to buy $27.6 million stake in Indian retailer Shoppers Stop


179.25 crore to Amazon NV Holdings LLC, the investment arm of the world's largest online retailer Amazon a board meeting held on Saturday.

"The Company proposes to issue 5% of its post-issue share capital to NV Investment Holdings LLC, which is a limited liability company incorporated in U.S. and registered as category III Foreign Portfolio Investor with SEBI in India".

Shoppers Stop said it has approved issue of 43.9 lakh shares of the company to NV Investment Holdings LLC at a price of Rs407.7 per share on a preferential basis.

The company has entered into an agreement with Investment Holdings LLC for the objective of issuing equity shares on a preferential basis, it added.

On October 18, the company will hold a general meeting with all the shareholders to seek their approval. As part of the deal, Shoppers Stop will have an exclusive flagship store on the Amazon marketplace.

Shoppers Stop, in a BSE filing, had said there is no separate monetary consideration other than the mutual covenants and agreements of the parties.

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The partnership will also enable to extend its leadership in the fashion category and offer customers across the country guaranteed delivery on new products and brands.

"The parties will partner on an exclusive basis for creation of Amazon experience centres", the filing had said.

Shoppers Stop will use the funds to continue expanding physical and online retail businesses, Mint quoted the company's managing director Govind Shrikhande as saying.

Shoppers Stop had last week entered into a commercial arrangement with Amazon India to sell all its private labels and brands on the latter's marketplace.

According to the joint statement issued by the firms yesterday, Amazon Experience Centers will be created across the network of 80 Shoppers Stop stores to bring in the touch and feel aspect on assortment.

"In line with this effort, we have entered into a bespoke partnership which enables two leading brands in the retail sector to draw upon each other's strengths to serve the customer base in India", said Sirdeshmukh.