Latest news with #IshaAmbani
India.com
2 days ago
- Business
- India.com
Bad news for Mukesh Ambani, Isha Ambani's partner firm as EU serves warning, issues 30-day deadline for..., the company is...
(File) In a major setback for Shein, the Chinese fast- fashion giant which was recently reintroduced into the Indian market by Asia's richest man Mukesh Ambani, and his daughter, Isha Ambani, the European Union (EU) has charged the Chinese firm with gross violations consumer protection laws, and served a 30-day deadline to address these issues. Shein found violating consumer protection laws in EU As per EU's Consumer Protection Cooperation Network, Shein often shows 'fake discounts' by displaying price cuts that don't reflect actual previous prices, according to reports. The regulator also castigated the Chinese fashion brand of employing manipulative tactics like phony purchase deadlines that are designed to pressure customers into buying their products at these 'discounted' prices. Many Shein products were also found to carry deceptive product labels which falsely suggest items have special features when those characteristics are legally required, and misleading sustainability claims that don't match reality, investigators have revealed. The firm has also been charged with other violations, including hiding company contact information from customers, incomplete refund policies, and making it difficult for consumers to reach customer service representatives in case of grievances. EU serves 30-day deadline Following the allegations, regulators in the EU have served a 30-day deadline to Shein to address these violations or face fines worth up to 6 percent of the company's global revenue. Shein has been directed to respond to the EU's findings by late June or face penalties based on its sales in affected member countries. 'We will not shy away from holding e-commerce platforms to account, regardless of where they are based,' EU Justice Commissioner Michael McGrath stated. Notably, the EU had last year designated Shein as a 'very large online platform' under the Digital Services Act, which subjected the firm to stricter rules requiring the removal of illegal goods and content from its platform. Any violations could invite fines up to 6% of its global turnover. Shein fails to make impact in India In February 2025, Reliance Retail, under the leadership of Isha Ambani– the only daughter of billionaire Mukesh Ambani– brought back Shein to the Indian market, nearly five years after the Indian government had banned the original Shein app in the country in wake of India-China tensions at the time. However, Shein's previous popularity has not translated into current success as the popular Chinese fashion brand has failed to gain any significant traction in India since its return.
India.com
3 days ago
- Business
- India.com
Mukesh Ambani, Isha Ambani brought these 5 global luxury brands in India, how Reliance changed India's fashion industry?
Mukesh Ambani and Isha Ambani's Reliance Industries has introduced several global brands in India. Isha Ambani is the head of Reliance Retail which handles conglomerates fashion brands. Isha Ambani is the Executive Director of Reliance Retail which handels fashion related segments of the company. She oversaw the company's network and overall strategy. Isha also tried taking a brand to Indian consumers in rural areas. Let's take a look at 5 global brands that were introduced in India by Reliance. Shein In February, Reliance Retail launched Shein's Chinese fast fashion brand in India. It is a global e-commerce platform that works in the fast fashion zone. The company is known for women's clothing and also offers men's apparel, children's wear, accessories, cosmetics, shoes, bags, and other fashion items. It has bases in Europe, America, Australia, and the Middle East. Sandro And Maje It is owned by the SMCP Group. They entered India after partnership with Reliance Brands in November 2023. It is known for its feminine silhouettes, classic and original pieces and glamorous looks. It operates in 40 countries with 620 points of sale. Emporio Armani Reliance had partnered with Emporio Armani a few years ago after which it came to India. It is a luxury fashion brand, part of the Giorgio Armani Group. It offers products like apparel, footwear, accessories, watches, and fragrances. It offersT-shirts, hoodies, sweaters, jackets, and shirts. Michael Kors It is New York-based fashion and brand Michael Kors is also now under the RIL large world. It sells accessories and ready-to-wear clothing, like handbags, clothing, shoes, watches, jewelry, and fragrances. Steve Madden It is a global shoe brand that was launched in India around 10 years ago. It is a fashion company that designs, markets, and sells footwear and accessories. They operate through various segments like wholesale, retail, and licensing and focus on their own brands like Anne Klein and Superga.
India.com
3 days ago
- Business
- India.com
Bad news for employees of this company as it sacks 5000 workers due to…, check company's connection with Mukesh Ambani's daughter Isha Ambani as she…
McKinsey and Company, the US-based consulting firm where Isha Ambani started her career, has reportedly laid off more than 5000 workers since 2023. (File) McKinsey layoffs: McKinsey & Company — the global consulting giant where billionaire Mukesh Ambani's daughter, Isha Ambani, started her professional career– has reportedly laid off over 5000 employees , making it one of largest reduction of workforce by the company in its 98-year history. McKinsey laid off over 5000 workers since 2023 As per a report by the Financial Express, McKinsey has laid off more than 5000 workers, roughly over 10% of its global workforce, over the past 18 months, which is being seen as part of the sector's ongoing recalibration efforts after the explosive growth witnessed during the Covid-19 pandemic. According to the report, McKinsey and Company currently employs a workforce of around 40,000, compared to more than 45,000 at the end of 2023. The company's workforce had swelled by nearly two-thirds from 2018-2023 as clients rushed to future-proof their business models after the pandemic era. However, the consulting industry has cooled off in the post-pandemic era, prompting firms to revaluate their strategies and scale of operations. During recent years, McKinsey, driven by increased demand during the pandemic era, had aggressively expanded in various sectors, including digital transformation, data analytics, and project delivery. But as the demand cooled off, the firm kicked off a major internal restructuring imitative in 2023, which began with the elimination of 1400 back-office positions, and later sacked 400 data and software engineering specialists in the same year. Meanwhile, McKinsey's operational challenges have been compounded by the many legal battles the company has been embroiled in, especially one surrounding its historical consulting work with opioid manufacturers in the United States, which forced the firm to pay $1.6 billion in settlements, putting pressure on its financials. Isha Ambani started her career at McKinsey Notably, Isha Ambani, the only daughter of billionaire Mukesh Ambani, and Nita Ambani, started her corporate career at McKinsey and Company, prior to joining Reliance Industries– the mega conglomerate led by her illustrious father. In 2014, after earning a bachelor's degree in psychology and South Asian studies from the prestigious Yale University, Isha Ambani, then 22, joined Mckinsey & Company as a business analyst, a move business insiders believe, was aimed to groom her for a leadership role at Reliance in the future. The prophecy was fulfilled as Isha Ambani, following a brief stint at Mckinsey, joined the her father's expansive oil-to-telecom conglomerate, and currently heads Reliance Retail, a subsidiary of Reliance Industries, which has emerged as India's largest retailer.
Yahoo
3 days ago
- Business
- Yahoo
Jio BlackRock secures approval to launch mutual fund business in India
Jio BlackRock Asset Management has secured approval from the Securities and Exchange Board of India (SEBI) to initiate its mutual fund operations in India. This development allows the firm to operate as an investment manager, targeting both retail and institutional investors within the Indian market. In 2023, BlackRock and JFSL announced a 50:50 joint venture (JV), Jio BlackRock, leveraging the strengths and brands of both companies. The company aims to introduce investment solutions tailored to the increasing demand from Indian retail mutual fund investors. The asset management firm plans to utilise the combined strengths of its two parent companies, including Jio Financial Services Limited (JFSL), which offers digital reach and local market insights, and BlackRock that provides advanced risk management technologies. JFSL non-executive director Isha Ambani said: 'India's rapid growth is driven by a new generation with bold aspirations. Our partnership with BlackRock is a powerful combination of global investment expertise and Jio's digital-first innovation.' The collaboration is expected to provide investors with competitive pricing and transparent offerings, supported by BlackRock's risk management capabilities, including the Aladdin platform. This proprietary technology integrates the investment management process through a unified data language. Jio BlackRock Asset Management intends to focus on a digital-first approach for retail investors, aiming to launch a variety of investment products in the near future. In conjunction with this announcement, the company has appointed Sid Swaminathan as managing director and CEO. Swaminathan has more than 20 years of experience in asset management, having previously held the position of head of international index equity at BlackRock, where he managed assets worth $1.25tn. Swaminathan said: 'JioBlackRock Asset Management aims to digitally deliver institutional quality investment products to investors across India and contribute to the growth of the country's investment ecosystem.' "Jio BlackRock secures approval to launch mutual fund business in India" was originally created and published by Private Banker International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
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Business Standard
4 days ago
- Business
- Business Standard
Jio BlackRock AMC gets Sebi approval, names Sid Swaminathan as CEO
Jio BlackRock Asset Management (AMC) has received the final approval from the Securities and Exchange Board of India (Sebi) to start a mutual fund (MF) business, the company said on Tuesday. The approval to the 50:50 joint venture between Jio Financial Services (JFS) and BlackRock takes the number of players in the ₹70-trillion MF industry to 48. The MF licence is a key milestone for the venture, which was first announced on 26 July 2023. The company had received in-principle approval from Sebi for the MF foray on 4 October 2024. Jio BlackRock said it plans to offer innovative products at competitive pricing. 'Key differentiators for all investors of the Jio BlackRock offering will include competitive and transparent pricing and innovative products, supported by the application of BlackRock's pre-eminent risk management expertise,' it said in a release, while highlighting BlackRock's proprietary technology platform, Aladdin. The joint venture will be headed by Sid Swaminathan as its Managing Director and Chief Executive Officer (CEO). He was previously Head of International Index Equity at BlackRock, where he was responsible for assets under management (AUM) of $1.25 trillion, according to the release. 'Our [JFS] partnership with BlackRock is a powerful combination of global investment expertise and Jio's digital-first innovation. Together, we are committed to making investing simple, accessible, and inclusive for every Indian,' said Isha Ambani, Non-Executive Director, JFS.
