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Reliance Retail, which has acquired the master franchisee of 7-Eleven convenience stores in India, will open 15 stores in Greater Mumbai by May-end and reach its target of 50 stores in the city over the next few months. It plans to open 7-Eleven stores across the top 100 cities over the next few years.
Reliance Retail has acquired a major stake in fashion brand Abraham & Thakore (A&T).
“Abraham & Thakore’s interesting use of material and fresh take on traditional textile techniques have crafted a highly distinctive design signature for the brand. With Indian luxury customers undergoing a generational consumption shift, there is heightened appreciation of Abraham & Thakore’s timeless design, and we are excited to partner with the brand to bring its unique expression of Indian craftmanship to consumers globally,” said Isha Ambani, Director, Reliance Retail Ventures Limited.
Reliance Retail, the retail arm of oil-to-telecom behemoth Reliance Industries, posted an 18% increase in its revenue at Rs 45,426 crore for the quarter ended September 2021 as compared to Rs 38,547 crore logged in the previous quarter.
EBITDA jumped 50% to Rs 2,913 crore from Rs 1,941 crore in the previous quarter. On a YOY basis, it increased by 45% from Rs 2,006 crore. The cash profit for the company came in 62.9% higher on a YOY basis at Rs 2,293 crore while the net profit jumped 74% to Rs 1,695 crore compared to Rs 973 crore in the previous year.