Billionaire Mukesh Ambani’s company Reliance Retail has made a big deal to expand its business in the garment sector. This deal has been done with Israel’s leading innerwear company Delta Galil Industries and both the companies will have a 50-50 percent stake. Isha Ambani is handling the business of Reliance Retail and under her leadership, the company’s revenue is registering a strong jump.
Dominance will increase in the garment sector
This deal of Mukesh Ambani can play a big role in increasing the dominance of Reliance Retail in the garment sector. On Tuesday, the company shared information about forming a joint venture with Israeli innerwear brand Delta Galil Industries in a stock exchange filing. According to a Reuters report, under this deal, Delta Galil will design and manufacture products for Reliance’s brand. The company said that this joint venture will also help Delta Galil to make its presence felt in the fast-growing Indian market.
The price of the deal has not been disclosed yet
The joint venture of Raliance Retail-Delta Galil will introduce Delta Family lifestyle store and Athena brand for male-female innerwear in the next 18 months. Let us tell you that Reliance Retail and Delta Galil already have licensing partnerships with brands like Calvin Klein, Tommy Hilfiger and Adidas. However, neither of the two companies has disclosed the amount for which this deal has been done. Mukesh Ambani’s company is constantly focusing on expanding its retail business and before the agreement with the Israeli company, it has brought international brands like American jewelry company Tiffany & Co and British online retailer ASOS to India.
Customers will get more options
Reliance Retail Managing Director V Subramaniam has said about this deal that we are ready to provide a large range of products to customers on our retail platform in collaboration with Delta Galil. Apart from this, Delta Galil CEO Isaac Dabah has said that through this joint venture, Reliance Retail will be able to take advantage of our speciality and innovations made in this sector.
Revenue crossed 3 lakh crores
Reliance Retail Ventures Limited is continuously expanding its business and deals are happening one after the other. Recently, in the Reliance AGM, Mukesh Ambani had said that he is planning to double the retail business of Reliance, which is already the largest in India, in the next 3-4 years. Let us tell you that the revenue of this company led by Isha Ambani has crossed Rs 2 lakh crore in the last financial year 2023-24 and this figure is the highest among the already listed and non-listed retail companies in this sector.
1840 new Reliance stores opened this year
Mukesh Ambani had said in the annual general meeting of Reliance that today Reliance Retail’s business is in every corner of the country and Reliance Retail has 40 lakh grocery partners. This business is creating new jobs directly and indirectly. Talking about the growing business of Reliance Retail, Isha Ambani said that the company’s gross revenue has reached Rs 2.06 lakh crore. On this occasion, Isha Ambani had said that this year 1840 new Reliance retail stores have been opened in the country. The online platform Jio Mart has grown faster and its services have reached 300 cities.
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