SpiceJet plans joint venture with UK-based online retailer

Mumbai: The UK-based online retailer UnderFivePound.com is forging a joint venture with the low-cost carrier (LCC) SpiceJet, in which the latter would have a majority stake. SpiceJet has decided to outsource its logistics and retailing operations to UnderFivePound.com and expects to make a foray into merchandising on board by early next year.
“..We would be adhering to the regulations governing retail in the country and would be having a majority stake of 51 per cent, while the balance would be held by our exclusive partner. With this joint venture, we are making a foray into merchandising and would commence operations by next year,” Mr Samyukth Sridharan, Chief Commercial Officer, SpiceJet, told Business Line.
UnderFivePound.Com, through its Web site, sells a range of men’s, women’s and children’s clothing along with other items such as jewellery and houseware gadgets. Known for its ‘amazing’ offers, the Web site, as its name suggests, sells products for less than £5 and is known for its discounts and freebies.
12/12/07 Purvita Chatterjee/Business Line

To Read the News in full at Source, Click the Headline

Categories: Foreign Dec 2007, New Dec 2007, SpiceJet Dec 2007