Amazon details plans to open new stores, increase investment in India
Amazon on Thursday reported a sharp sales increase over the summer due to its annual Prime Day and its acquisition of Whole Foods. The online retailer experienced a 34% sales increase in the third quarter to $43.7 billion, with $1.3 billion coming from Whole Foods.
Brian Olsavsky, Amazon CFO, on Thursday detailed several plans for the Seattle-based company in the near future, including increasing its investment in video in 2018.
Olsavsky said in a conference call that there will be “more cooperation and working together between within AmazonFresh, Prime Now and Whole Foods” and that he cannot “confirm or deny any of the rumors related to pharmacy or anything else.”
According to the St. Louis Post-Dispatch, Amazon gained approval from the pharmaceutical board to become a wholesale distributor.
In addition, Olsavsky said that the company plans to open more physical stores and still considers India as a primary international investment.
Amazon India chief Amit Agarwal explained that the subsidiary will focus on digital payments and Prime membership in India. The subsidiary said this month that the Great Indian Festival was its biggest shopping event. In addition, LiveMint reported that Amazon has spent $2 billion to build its business in India and committed to invest at least $5 billion in the country.
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