30 June 2022, Mumbai:

MukeshAmbani’s daughter IshaAmbani has been named as the Chairman of Reliance Retail as the company pushes ahead with a plan for succession in one of Asia’s richest families.

IshaAmbani’s promotion follows that of her twin brother, AkashAmbani, who was appointed as chairman of the telecom unit, Reliance JioInfocomm. Both Ambani brother and sister have been part of teams that negotiated Meta Platforms Inc.’s investment in the group.

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Isha, 30, is an alumnus of Yale University. The twins have a younger brother, Anant, 27.

Reliance Retail and Reliance Jio are subsidiaries of the family’s oil-to-telecom conglomerate, of which the $217 billion Reliance Industries is the flagship firm. MukeshAmbani is chairman and managing director of Reliance Industries.

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24 June 2022, Mumbai:

The consolidated revenues of textiles and fashion retailer Raymond Group have grown to Rs 6,438 crore in FY2021-22 from Rs 3,648 crore in FY2020-21.

The Gautam Singhania-led company’s earnings before interest, taxes, depreciation and amortization (EBITDA) increased 13.49 per cent to Rs 881 crore while total assets grew from Rs 6,740 crore in FY21 to Rs 7,377 crore in FY22.

The company made a net profit of Rs 260 crore during the year whereas its profit before taxes reached Rs 413 crore. Raymond’s net debt reached Rs 1,088 crore in FY22 during the same period. Raymond’s consumer business comprises of branded textile, apparel, and retail. Sales of branded textile division raked in sales worth Rs 2,789 crore; sales of apparel business reached Rs 891 crore. As of FY22, Raymond has 1,351 exclusive stores, 1,304 stores in over 600 cities and towns in India, and 47 stores in eight countries.

Raymond’s garmenting business sales reached Rs 725 crore mainly from the US, Europe, and Japan, and exports to over 20 countries.

Sales from its high-value cotton shirting business grew to Rs 572 crore. In order to tackle higher raw material prices, the company sources wool from Australia, South Africa, the US, and Paraguay, linen flex from Belgium and France, and cotton yarns domestically.

It manages price fluctuation risks through a combination of forward and spot bookings, inventory management, pre-emptive vendor development practices, and price hikes are undertaken.

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22 June 2022, Mumbai:

Asia’s leading omni-channel platform, Ace Turtle plans to open over 100 omnichannel-enabled stores of brands Lee and Wrangler by March 2023. The Bengaluru-based company has already hired senior leaders to drive the expansion.

As per Nitin Chhabra, Co-Founder and CEO, Ace Turtle, the company will launch new stores on the franchise model across Tier I, II and III cities. The stores will be located closer to customers’ locations.

The Licensed Brands vertical was launched by Ace Turtle in 2021 through acquisition of long-term licenses of iconic denim brands Lee & Wrangler from Kontoor Brands for India and a few South Asian markets.

The company is engaged in providing design, local sourcing and retailing services consumer brands in India. Within a short duration, the company has transformed both the brands’ businesses by leveraging its omnichannel technology platform.

Founded in 2014, Ace Turtle is the market leader in omnichannel technology space for enterprise brands in India. It is a frontrunner in New Age commerce having two business verticals: SaaS and Licensed Brands.

With its proprietary platform ‘Rubicon’, Ace Turtle integrates online and offline retail channels enhancing efficiency and scalability through omnichannel transformation by intelligent use of data.

28 June 2022, Mumbai:

Flipkart plans to facilitate market access for self-help groups and farm producer organizations in Telangana and has signed an MoU with the Society for Elimination of Rural Poverty for the same. The MoU was signed by Errabelli Dayakar Rao, Minister of Rural Development and Rural Water Supply, Telangana and Smriti Ravichandran, Vice-President and Head-Grocery, Flipkart.

Through this agreement, Flipkart will train self-help groups and FPOs and source goods from local Telangana farmers to help to improve their income. Flipkart is working with a number of groups across India to build partnerships with local businesses in order to bring them online. The Walmart-owned business aims to digitize rural and small businesses and bring them to the over 400 million customers on its India platform as well as international markets through its global e-commerce platform.

24 June 2022, Mumbai:

Expanding its product range Vegan accessories brand Zouk has entered the footwear segment with the launch of an India-inspired cruelty-free footwear range.

The brand has also rebranded itself to strengthen its customer base and strike a chord with its target audience, as per a Fashion Network report

PradeepKrishnakumar, Co-founder, says, the initial brand identity was quickly put together to start off. But, we have now reached a stage where the brand and its customers deserved something better. Hence, we decided to go back to the drawing board.”

Founded by Disha Singh and PradeepKrishnakumar, Zouk retails a range of handbags, laptop bags, tote bags, and pouches claiming to have a customer base of over 2,00,000 in this segment. The brand works with local artisans across India.

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