Future Group ties up with Oxigen to boost Big Bazaar Direct1 min read . Updated: 17 Feb 2016, 11:15 PM IST
Future Group is looking at such partnerships to increase its reach in the interiors
Mumbai: Kishore Biyani-led Future Group on Wednesday announced a partnership with Oxigen Services Pvt. Ltd for making its bigbazaardirect.com available on the latter’s network of 200,000 retailers.
Oxigen, with a turnover of ₹ 10,000 crore in the last financial year has franchise network for assisted e-commerce retail reaching the interiors of the country.
The retailer is looking at such partnerships to increase its reach in the interiors. “We will look at two-three more such partnerships," said Kishore Biyani, adding that the cost of building franchises is expensive and that the new partnership now gives the company a chance to reach out to all of India.
While Future is looking at e-commerce and omni-channel becoming significant sales avenues, it does not intend to play the price game online, he said at a press conference to announce the partnership with Oxigen.
Future Retail Ltd, one of the listed arms of Future Group which runs the retail chains of Big Bazaar, eZone, Food Hall and Home Town, reported net profit of ₹ 14.9 crore for the December quarter, below analysts’ estimates.
Net profit grew 180% from ₹ 5.32 crore in the year-ago quarter. Net sales grew by 25% to ₹ 3,334.8 crore from ₹ 2,659.73 crore a year ago. Same store sales growth, a measure which looks at comparable sales of stores that have been open for more than a year, stood at 18% in value retail, “the highest in 35 quarters," said Abneesh Roy, associate director, Edelweiss Securities Ltd, a brokerage.
On Wednesday, the Future Retail stock closed at ₹ 125.30, up 1.17% while the BSE Ltd’s benchmark Sensex index closed at 23,381.87 points, up 0.82%.