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- Isha Ambani led, Reliance Retail is soaring with revenues of ₹3.06 lakh crore ($36.8 billion), a 17.8% boost this year.
- As they gear up for the IPO, the top 15 executives are cashing in with a staggering ₹351 crore in ESOPs!
- Reliance Retail IPO expected date yet to be announced. However, analysts expect the IPO to be launched in the next two years, per ET report.
Performance snapshot of Reliance Retail (FY 2024)
| Metric | Figure | Highlights |
|---|---|---|
| Revenue | ₹3.06 lakh crore ($36.8 billion) | Achieved 17.8% growth from the previous year. |
| Store Count | 18,836 stores | Added 1,840 new stores in the past year. |
| Global Ranking (Store Count) | Top 5 retailers worldwide | Reflects aggressive expansion and market presence. |
| Global Ranking (Market Cap) | Top 10 retailers worldwide | Underscores strong market capitalisation and investor confidence. |
What is happening?
Big Rewards.
Reliance Retail just doled out a whopping 4.417 million shares, worth INR 351 crore, to 15 senior executives, according to the company’s filing to the Registrar of Companies (RoC).
It’s like an early Diwali gift for the big bosses, rewarding them for their hard work as Reliance Retail prepares for its blockbuster IPO.
Also read ESOP, the buzzword that is here to deliver. Has it kept its promise?
Who did Reliance give ESOPs to?
Top names like the heads of grocery, fashion, and electronics are among the lucky few pocketing these golden tickets.
Reliance Retail’s ESOPs went to some of its top leaders, including:
V Subramaniam (Director)
Damodar Mall (CEO of Grocery Retail)
Akhilesh Prasad (CEO of Fashion and Lifestyle)
Kaushal Nevrekar (President, Chief Business Officer of Electronics)
Ashwin Khasgiwala (Group Chief Business Operations)
Vineeth Nair (CEO of Ajio)
Ketan Mody (COO of FMCG business)
Vipin Tyagi (COO of Reliance Trends)
Prateek Mathur (Head of strategy and projects)
Kamadeba Mohanty (COO of grocery retail and Jiomart)
Also read: Reliance lays off 11% of its workforce, totalling 42,000 employees
Meanwhile…
While the top execs celebrate with their shiny new stock options, the rest of the workforce sings a different tune.
Reliance Industries, the parent company of Reliance Retail, decided to make some “efficiency improvements” —by cutting a whopping 42,000 jobs. Ouch!
Most of these cuts came from the retail division, where the number of employees plummeted from 245,581 in FY23 to 207,552 in FY24.
Aggressive Expansion
Reliance Retails is also expanding rapidly, now boasting 18,836 stores, with 1,840 new ones opened in the last year alone.
At the AGM, Mukesh Ambani proudly shared that Reliance Retail global reach.
It’s now one of the top 5 retailers in the world by store count.
And when it comes to market capitalization? They’re in the top 10!
