Weekly News Wrap: Amazon India seller accuses antitrust agency of illegal detention; Uniqlo to raise prices on goods
And Apollo-Reliance consortium makes a binding offer to Boots’ international arm.
From Reuters:
A former top seller for Amazon India, Cloudtail, has accused India's antitrust agency of illegally detaining its employees during a raid over suspected competition law violations, court documents seen by Reuters show.
Cloudtail, among a handful of online sellers raided in an investigation of Amazon and Walmart's Flipkart over suspected preferential treatment on e-commerce platforms, argued in a court filing the detentions were cause for disallowing materials taken during the raid.
"[Three] employees from the senior management were detained for over 30 hours through the night till the completion of the search & seizure operation," the May 30 filing said. The operation was conducted on April 28 and 29.
A senior source at the Competition Commission of India (CCI), which conducted the raid, rejected the allegations, saying it had obtained the requisite legal approvals and was in line with the watchdog's regulatory processes.
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From Reuters:
The owner of Japanese clothing brand Uniqlo said it will raise prices on some goods this fall, reflecting increasing cost pressures from the weak yen and logistical hurdles.
Prices on fleece goods and down jackets in the fall/winter product lines will go up by $7.54 (JPY1,000), a spokesperson confirmed.
Consumer prices are surging in Japan after decades of deflation, driven by the yen's drop to a 20-year low against the dollar and soaring energy costs.
Fast Retailing has competed on low-cost basics like socks and underwear for decades, but its executives have warned recently that rising production costs would necessitate price hikes.
Founder Tadashi Yanai in April railed against the decline in Japan's currency, saying there was "absolutely no merit" in a weak yen.
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From Bloomberg:
A consortium of Apollo Global Management and Reliance Industries Ltd. has made a binding offer for Walgreens Boots Alliance’s international arm, people with knowledge of the matter said.
The buyout firm and Indian conglomerate submitted a bid for the Boots drugstore chain this week that’s fully backed by committed financing, the people said, asking not to be identified because the information is private. Their proposal values Boots at more than $6.3b (£5b), the people said.
Reliance, controlled by billionaire Mukesh Ambani, may be looking to tap its expertise in emerging markets to wring further growth out of the British high street staple. Ambani, who is one of India’s richest men, is in the midst of pivoting his traditionally refining-focused conglomerate toward businesses that will better help him tap the country’s billion-plus consumers.
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