, APAC

Weekly News Wrap: Amazon and Future Group agree to talks; Shopee exits France months after launch

And the founder of China’s Haidilao has stepped down as CEO.

From Reuters:

Amazon.com and India's second-largest retailer Future Group have agreed to talks proposed by the U.S. e-commerce giant, seeking to resolve legal wrangles at the heart of a battle for supremacy in the country's vast retail sector.

The unexpected olive branch extended by Amazon comes days after rival Reliance, the country's biggest conglomerate, began a de facto takeover of Future's assets, seizing control of some 500 stores.

"Amazon which has been in combative mode is now in conciliatory mode," said a lawyer involved in the dispute, speaking on condition of anonymity.

Amazon did not immediately respond to a request for comment.

Gopal Subramanium, a lawyer for the US company, suggested at a Supreme Court hearing that the two sides negotiate, saying the "whirlpool" of disputes fought on multiple fronts had been dragging on for too long.

Read more here.

https://www.reuters.com/business/amazon-calls-dialogue-with-indias-future-amid-raging-legal-dispute-2022-03-03/

 

From Bloomberg:

Shopee has pulled out of France, retreating from a major market just months after launching its maiden foray into Europe.

France was one of the most significant new markets for the Singapore-based internet giant, which embarked on an aggressive international push last year to drive growth beyond Southeast Asia. The pullback marks another blow abroad for Sea, whose signature game Free Fire was banned in India last month. Shopee could now turn its focus on other key markets such as Latin America.

The move comes as the online retail and entertainment empire backed by China’s Tencent faces increased regulatory scrutiny in India.

Read more here.

https://www.bloomberg.com/news/articles/2022-03-01/sea-s-e-commerce-arm-exits-france-a-few-months-into-europe-foray

 

From Reuters:

China's Haidilao, which operates a chain of hotpot restaurants, said its billionaire founder Zhang Yong has stepped down as chief executive officer (CEO) and will shift his focus to long-term strategy planning.

The move, which comes amid efforts by Haidilao to slash store numbers, has seen Yang Lijuan, 43, formerly deputy CEO and chief operating officer, take the helm as of March 1.

Li Yu, 36, was named COO of its mainland China operations while Wang Jinping, 38, was appointed COO of its operations in Hong Kong, Macau, Taiwan and overseas.

Citi analysts said in a research note the appointments underlined the company's commitment to overhauling management "via bringing forward its senior management transition to accommodate its aggressive store restructuring plan."

Zhang, 52, who was born in China's Sichuan province but is now a Singapore citizen, will retain the title of chairman.

Read more here.

https://www.reuters.com/business/billionaire-founder-chinese-hotpot-chain-haidilao-steps-down-ceo-2022-03-02/

 

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