Mukesh Ambani's big move: Reliance buys stake in this company, the plan is to...
In a major development, Mukesh Ambani's Reliance Retail Ventures Limited (RRVL) has recently purchased a minority stake in FaceGym, a United Kingdom-based company. FaceGym, in the coming months, will introduce skincare brands in the Indian market. According to Reliance, this is part of its major plan to expand in the booming beauty and fitness sector. What Did Both The Companies Say?
As per Reliance's statement, FaceGym will enter the Indian market with the help of Reliance Retail's brand Tira. Tira will look after the UK-based company's local operations and market development. Notably, FaceGym will bring its innovative concept to the Indian market. The Ambani-led company said that it will establish the brand and also expand its presence in the country in the next five years. To achieve this goal, the company is planning to mix single studio, curated areas in select Tira stores in major cities. What Reliance Retail Is Planning?
Reliance Retail had recently stated that it is expanding its operations to a great extent, with plans to open more stores in order to expand its coverage area. The company has also witnessed a growth of 2.4 times in the number of orders from its Quick Commerce in the March quarter.
While revealing its quarterly figures earlier this week, Reliance Retail Chief Financial Officer (CFO) Dinesh Taluja stated that this reported growth is significant for the company. What Is Reliance's Hyper-Local Delivery?
Reliance offers hyper-local delivery in less the 30 minutes to as many as 4,000 pin codes across the country through its existing stores. Notably, the reach of Reliance's hyper-local delivery is far wider than any other quick commerce company. Reliance Retail's JioMart app provides customers with three options for quick and scheduled delivery.
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