Thursday, August 18, 2022

Mukesh Ambani’s daughter Isha to head Reliance Retail

The announcement of Isha Ambani taking over Reliance Retail will be done in a few days, reported Bloomberg. She is currently director of Reliance Retail Ventures Ltd. A representative for the group declined to comment. 

 

NEW DELHI: Isha Ambani, Mukesh Ambani’s daughter will be made Chairperson of Reliance Retail. Her elevation is part of India’s richest man charting out a plan for succession. 

The announcement of Isha Ambani taking over Reliance Retail will be done in a few days, reported Bloomberg. She is currently director of Reliance Retail Ventures Ltd. A representative for the group declined to comment.

Mukesh Ambani’s daughter follows her twin brother, Akash, who was recently appointed Chairman of Reliance Jio Infocomm Ltd.

Isha, 30, is an alumnus of Yale University. The twins have a younger brother, Anant, 27. Isha and Akash, incidentally, have both been part of the teams that negotiated Meta Platforms  Inc.’s investment in the group.

Reliance Retail and Reliance Jio are subsidiaries of the family’s oil-to-telecom conglomerate, of which the $217 billion Reliance Industries Ltd. is the flagship firm. Mukesh Ambani is Chairman and Managing Director of Reliance Industries.

The retail arm of the conglomerate is valued at a whopping $80-$125 billion, which includes stores spanning food and grocery, consumer electronics and fashion and lifestyle segments. Not just outlets like Reliance Fresh and Reliance Digital, the company also has an extensive portfolio within the apparel industry with several big names like Armani, Burberry, Diesel, GAS, Marks & Spencer, Superdry, Brooks Brothers, Steve Madden and others falling under the larger umbrella of Reliance Industries.

Reliance Retail and Reliance Jio are subsidiaries of the family’s oil-to-telecom conglomerate, of which the $217 billion Reliance Industries Ltd. is the flagship firm. Mukesh Ambani is Chairman and Managing Director of Reliance Industries.

Apart from this, Reliance Retail is also the driving force behind Ajio, one of the country’s fastest growing e-commerce websites with a luxury division, Ajio Luxe, that has recently been instituted.

It is only now that the aggressive acquisition of several designer labels by Reliance Retail can be justified. After buying stakes in prominent designer brands like Manish Malhotra, Rahul Mishra, Anamika Khanna, Abraham & Thakore and Ritu Kumar, the retail division can boast of an impressive Indian designer portfolio. If she takes over, this entire wing of business would be under Isha’s management.

In a buildup that has been brewing within the industry for a few months now, it seems like Reliance Chairperson Mukesh Ambani is pushing for a family-run conglomerate, neatly divided amongst his children. It is refreshing to see the 65-year-old business tycoon breaking the age-old stereotype of prohibiting women from entering the workforce.

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