Deals this week: Metcash, Future Retail, Iceland
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Deals this week: Metcash, Future Retail, Iceland

31 Aug 2018 (Last Updated December 1st, 2021 08:26)

Metcash has signed an agreement with Foodland Supermarket to supply groceries to its supermarkets in South Australia.

Metcash has signed an agreement with Foodland Supermarket to supply groceries to its supermarkets in South Australia.

Metcash is a wholesale distribution and marketing company based in Australia, while Foodland Supermarket is a US-based supermarket chain that also governs independent Foodland supermarket retailers in South Australia.

Metcash will supply groceries for ten years from its new distribution centre in South Australia, as part of the agreement.

Metcash has also inked supply agreements with Romeo’s, Chapley’s, and other Foodland members.

Google and Paytm Mall intend to create a consortium for the acquisition of up to 10% stake in Future Retail.

The investment required for the acquisition will be between $49.97m and $57.11m.

The new consortium will compete against Amazon’s plan of purchasing up to a 15% stake in the Future Group with an investment ranging between $600m and $700m.

Iceland has agreed to acquire 19 Poundworld stores for an undisclosed sum.

Iceland is a British supermarket chain, while Poundworld is a value variety store owned by TPG Capital.

Poundworld went into administration in June, as it failed to find a suitable buyer.

Four of the 19 stores will be converted into food warehouses and the remaining 15 will be converted into regular Iceland stores.

“Four of the 19 stores will be converted into food warehouses and the remaining 15 will be converted into regular Iceland stores.”

Forever 21 has partnered with Donde Search to launch an artificial intelligence (AI) powered visual search and navigation feature, Discover Your Style.

The new feature will allow customers to explore and shop dresses, pants, shorts, jeans and tops online. The customers will know the length and fit of a skirt or the neckline and colour of a shirt by clicking on icons.

Discover Your Style will also be used for merchandising, recommendations and lifecycle marketing.

The feature was earlier tested in the Forever 21 iOS app in May and was available for dresses and tops categories.

Walmart has partnered with Rakuten for the launch of Walmart eBooks platform by Rakuten Kobo.

Based in the US, Walmart is a retail giant, while Rakuten is an e-commerce firm based in Japan.

The new solution allows Walmart customers to access more than six million books. The content will be available on a co-branded free app and Kobo eReaders platform available across select stores and Walmart.com.

Walmart customers can also subscribe to new monthly audiobook service for $9.99 a month, which will provide access to one audiobook a month.

The partnership also enables Walmart’s customers to buy digital book cards in 3,500 stores.

Qingdao Zhenkun Trading Co Ltd (Zhenkunhang) has raised $129m through a series C funding round led by Legend Capital Management Co Ltd and Tiger Global Management LLC.

Zhenkunhang is an e-commerce platform for industrial products, while Legend Capital Management and Tiger Global Management are venture capital firms based in China and the US respectively.

The funding round has also involved participation from Shell (China) Ltd, Oriza Holdings Co Ltd, Matrix Partners China, and Eastern Bell Venture Capital.

Seez has secured $1m in a seed funding round from B&Y and Phoenician Funds.

Based in the UAE, Seez is a tech start-up that developed the Seez R app.

The latest round brings the total funding secured by Seez to $2.8m.