One of Mukesh Ambani’s Rs 15.7 trillion Reliance Industries’ best-performing companies is Isha Ambani-led Reliance Retail. In the last three years, Reliance Retail’s net worth has risen, and in the last several months, it has brought numerous new brands to the Indian market. Mukesh Ambani appointed Isha Ambani as Reliance Retail’s CEO in August of last year. Isha Ambani, who oversaw Reliance Retail’s garment division Cover Story Clothing, has introduced a new fast fashion brand in keeping with the company’s rapid expansion. The Ambanis’ new venture, Foundry, is an attempt to compete with Urbanic, Tata-owned Zudio, and other brands. Foundry is selling inexpensive clothing and accessories only on Ajio, a Reliance-owned platform, for less than Rs 1000 on average.
Foundry’s Competitive Strategy
Manjula Tiwari, CEO of Cover Story Clothing, stated in an interview with BQ Prime that the Foundry plans to introduce 50 new styles per day, with the goal of reaching 6000 styles by the next year. This is Reliance Retail’s second reasonably priced clothing brand to launch in recent months. Reliance Retail just introduced Yousta to serve a comparable market.
Global Brands in Reliance Retail
At present, Reliance Retail is valued at an astounding Rs 8.4 lakh crore. As a Reliance Retail partner brand, Jimmy Choo, Georgio Armani, Hugo Boss, Versace, Michael Kors, Brooks Brothers, Armani Exchange, Burberry, and many other international brands are available in India. According to Isha Ambani’s revelation during the massive Reliance Industries event, Reliance Retail opened 3300 shops in the previous year.
Reliance Retail is the only Indian retailer in the worldwide top 100 list and is among the top 10 most frequented retailers in the world with 78 crore shop visits and over 100 crore transactions. The company has invested Rs 82,646 crore over the last two years to accomplish this milestone. Following all of the investments and acquisitions, Reliance Retail currently has 18,040 stores.
In addition, Reliance Industries, an oil to telecom conglomerate, announced in a stock exchange statement on Friday that its shareholders had approved the nomination of Isha Ambani, Akash Ambani, and Anant Ambani as non-executive directors.
In his first public statement on succession planning in India’s most valuable private sector company, Chairman Mukesh Ambani stated at the company’s 46th Annual General Meeting that his three children, sons Akash and Anant and daughter Isha, are “confidently taking over the reins” across businesses.