Utilize the input text as a context reference, choose the right relationship between Kathmandu and retail from the options. Options: product/material produced, manufacturer, distributed by, industry, position held, original broadcaster, owned by, founded by, distribution format, headquarters location, stock exchange, currency, parent organization, chief executive officer, director/manager, owner of, operator, member of, employer, chairperson, platform, subsidiary, legal form, publisher, developer, brand, business division, location of formation, creator.

He said the offer is an opportunity for Kathmandu shareholders to receive a premium for their shares and to share in the benefits arising from being a shareholder in a larger and more diversified retail group.

Answer: industry