Amazon India has invested in local fashion retailer Shoppers Stop, taking a 5% stake in the business.
Investments by prominent International brands like Hamley's, Ikea, Amazon and Gap has led India to surpass China to become the ultimate retail destination, according to the latest report by Retail Industry in India, and Amazon's latest move shows it is likely to be exploiting that.
To latest move will expand its inventory and popularity by investing in a homegrown retail name like Shoppers Stop, according to Gagets 360. Amazon also hopes to combat rival Flipkart through its new acquisition, as SoftBank Vision Fund recently invested $2.5bn in Flipkart to leverage technology in India.
Shoppers Stop earlier entered into an exclusive partnership with Amazon Seller Services, a part of which is being able to have a flagship store on the Amazon marketplace.
Amazon India also recently opened a fashion photography studio to strengthen ties with brands and creative talent in India.