Sagar Malviya and Rica Bhattacharyya, Economic Times 9 August 2024, Mumbai Reliance Industries Ltd. reduced its workforce by 42,000, or nearly 11%, in FY24, in what is being seen as an outcome of a cost-efficiency drive and reduced hiring, especially in its retail segment which also saw store closures and slower expansion. The employee strength at the country’s largest company by market value, stood at 347,362 in FY24 compared with 389,414 a year ago. The intake of new recruits was slashed by more than a third to 171,116, according to its latest annual report. "The new lines of businesses (at…
Writankar Mukherjee, Economic Times Kolkata, 28 July 2024 Top retail chains such as Reliance Retail, Shoppers Stop and Spencer’s Retail are facing a prolonged slowdown in consumption, pushing them to exit unprofitable markets, raise debt and control costs. India’s largest retailer Reliance Retail shuttered 249 stores in the three months ended June. The company is also going slow on expansion, opening 331 new stores in the quarter compared to 470-800 stores opened every quarter in FY22, FY23 and FY24. The closures mean the retail business of Reliance Industries made 82 net new store additions last quarter--the lowest in 15 quarters.…
Gargi Sarkar, Inc42 20 July 2024 The Indian government’s ban on Chinese apps and products in 2020 saw two massive casualties. Everyone knows about TikTok, but fast fashion brand Shein was equally as big in India four years ago. But the India setback did not halt Shein’s global momentum, just as it did not stop TikTok from becoming what it is today. Shein became the world’s largest online-only fashion company in 2022. Valued at a staggering $10 Bn, the brand accounted for nearly one-fifth of the global fast-fashion market in 2022, outpacing giants such as Zara and H&M. To put…
Sharleen D'Souza, Business Standard Mumbai, 7 July 2024 In 2023, after more than two years of development and testing, Mondelez India launched a version of Bournvita that delivers about half the recommended daily allowance of key micronutrients for children, including iron, iodine, and zinc, as well as vitamins A, C and D. All this while having 15 per cent less added sugar. “Prior to this and around two years ago we also introduced Bournvita 50 per cent less sugar variant to provide an option for consumers. We have made adaptations to our portfolio products like Bournvita biscuits, which now have…
Kolkata & New Delhi, 15 June 2024 Writankar Mukherjee and Faizan Haidar, Economic Times Indian retail is increasingly bedevilled by shrinkage or the loss of inventory due to shoplifting by customers, theft by employees, vendor fraud and supply chain errors. As a percentage of sales, shrinkage has risen at retail chains in India with industry executives attributing this to the rise in thefts amid growth in sales volumes. Tata-owned Trent Ltd said in its annual report that shrinkage swelled to 0.41% of sales in FY24 from 0.22% in FY23, primarily due to significant volume growth. In FY20, it was 0.21%…
Geopolitical friction has again sparked renewed concerns over inflation and rising input costs for FMCG companies as @itmeansjustice @whysnavi write. @devangshu commented.
