Reliance is building up it’s retail empire – ahead of Future deal, Reliance Brands adds Zivame in its cart
- According to reports,
Reliance Brandshas already bought out Ronnie Screwvala’s 15% stake in Zivame.
- Zivame was founded by Richa Kar in 2011 and the popular shopping website has a valuation of $200 million and its revenue for FY19 stood at ₹140 crore.
- Zivame’s 30 physical
retailstores and existing online commerce will be an add-on to Reliance’s apparel offering.
Zivame was founded by Richa Kar in 2011 and the popular shopping website has a valuation of $200 million and its revenue for FY19 stood at ₹140 crore. But according to ET, Reliance could end up paying $160 million to buy Zivame. Zivame’s other investors include Zodius Capital and Malaysian sovereign fund Khazanah Nasional Berhad.
Zivame was looking to expand its retail footprint in the country and was looking for funds. Zivame’s 30 physical retail stores and existing online commerce will be an add-on to Reliance’s apparel offering.
AdvertisementMeanwhile, the acquisition from Reliance comes at a time when the conglomerate is doubling down on its retail offering, with one eye on Future Retail. The fashion and lifestyle category contributes just about 8% to Reliance Retail’s total revenue but has a margin of 24%.
During the company’s Annual General Meeting,
EXCLUSIVE: M&M Financial Managing Director gets candid about the rights issue, the bleak prospects for this year and why there should be no more loan moratorium
India sees second wave of layoffs and pay cuts as companies grapple with COVID-19 pandemic
- Connaught Place to remain shut as farmers' tractor parade turns violent
- After violent clashes with police, farmers swarm Red Fort
- DMRC closed entry and exit gates of yellow, green, violet and blue lines in surge of farmers protest
- Delhi Police fires tear-gas shells on farmers near Akshardham temple and Sanjay Gandhi Transport Nagar
- Protesting farmers break barricades at Delhi borders, entering the national capital ahead of time