India's largest retailer Reliance Retail Limited on Thursday launched a premium fashion and lifestyle store brand AZORTE. With a store size of around 18,000 square feet, the first AZORTE store opened its doors at 1 MG-Lido Mall, MG Road, Bengaluru.
Reliance Retail (RR) has begun appointing super-stockists to distribute its private label products in multiple FMCG categories, Kotak Securities said in a report.
RRVL will hold 40.95 per cent and would make an open offer to acquire up to 26 per cent stake in accordance with takeover norms.
The deal, which was announced on August 29, 2020, has already received clearance from regulators such as CCI, SEBI and bourses, and the scheme of arrangement is now awaiting the nod from the NCLT and shareholders.
During the quarter, grocery business and electronics stores sustained double-digit growth, while the fashion and lifestyle business delivered a strong rebound, surpassing the pre-COVID levels.
1. Urban Ladder was co-founded by Ashish Goel (CEO) and Rajiv Srivatsa (COO) in July 2012. 2. The investment had valued RRVL at a pre-money equity value of Rs 4.587 lakh crore.
Sector experts too are of the view that if the acquisition of the company does not go through, then it may have to wind up its operations or go for bankruptcy.
The arbitration panel, in an interim order, has directed the Kishore Biyani-led Future Group not to proceed with the deal with Reliance Retail for now.
The arbitration panel, in an interim order, has directed the Kishore Biyani-led Future Group not to proceed with the deal with Reliance Retail for now.
The investment valued Reliance Retail, which runs grocery stores and fashion chains, at a pre-money equity value of Rs 4.21 lakh crore.
