Archive for March, 2011

Reliance Trends moves into Kolkata market

March 28, 2011

Reliance Trends, a retail subsidiary of Mukesh Ambani run Reliance Industries Limited (RIL), has opened its first store in the city of Kolkata, marking its entry into one of India’s biggest metropolitan cities. The store, now open at Axis Mall, spans across 16,000 square feet of space and offers a wide range of products in men’s wear, women’s wear and children’s apparel and accessories category. It offers more than 100 different brands- both Indian as well as international brands – at affordable price points.
Reliance Trends is a fashion apparel and accessories specialty format from the house of Reliance, having its presence in many Indian cities and townships including cities such as Delhi, Bangalore, Hyderabad, Mumbai, Ahmedabad, Kochi, Nashik, Indore, Chennai, Thane, Vijayawada, Baroda, Mangalore, Jaipur, Ranchi, Nagpur, Mysore and many others. Following the launch in Kolkata, Arun Sirdeshmukh, CEO, Reliance Trends, said, “We are thrilled to bring Reliance Trends to Axis Mall, New Town. We are confident this store, with the latest fashion, high quality products and affordable prices, will be welcomed by our discerning consumers.”
This store marks the 41st flagship store to be opened under the brand name. Reliance Trends, established in the year 2008, was recently rated the most preferred department store as per a survey conducted by Right Choice magazine. It received four stars for service, in-store experience, price and product quality, and five stars for having extensive product range. Offering fashion-forwards apparel and creative range of accessories at affordable prices, Reliance Trends has been able to carve for itself a niche in the urban markets within a short period of time, slowing paving its way towards the interiors. As it collaborates with leading global fashion labels and private brands, Reliance Trends is expected to hit 56 stores mark by the end of 2011.

Mukesh Ambani, the youngest and only board member in the Bank of America

March 18, 2011

Mukesh Ambani, chairman of India’s largest private sector conglomerate Reliance Industries Limited (RIL) has been appointed as the 14th director of Bank of America, the largest bank holding company (by assets) in the U.S. and second largest by market capitalization. The 53 year old industrialist will be the first non-U.S. citizen to join the ranks of board of directors and the youngest independent board member at the bank; second only to 51 year old Chief Executive Brian Moynihan.

In an effort to branch out into a more globally-focused establishment and expand operations overseas, Bank of America decided to rope in one of Asia’s most commanding tour de force in the industrial fore front- Mukesh Ambani. In a statement released to public, Bank of America’s chairman Charles O. Holliday, Jr. said, “Bank of America’s shareholders will benefit from the global perspective Mr. Ambani brings to our board.”

According to U.S. Securities and Exchange Commission filing, Ambani will serve on the BofA’s credit committee, and the compensation and benefits committee. So far, only one board member has sat on both those committees in 2010; namely William Boardman, 69, former head of international operations of Visa Inc. Mukesh Ambani will most likely stand for election at the 2011 Bank of America annual meeting of shareholders in the month of May, although a proxy statement, which would include which board members are up for election, is expected to be released later this month.

“It is a privilege and a great honor for me, as the first non-American citizen to join the board of one of the world’s largest financial institutions,” Mukesh Ambani quoted on his latest undertaking. Having spear-headed a company which boasts of more than $ 44.6 billion in annual revenues and $ 70 billion in market capitalization, Reliance Industries chairman Mukesh Ambani is expected to provide better insight into the Asia-Pacific market sensibilities and functionalities so as to drive BofA’s operations more readily in the overseas souk.

A new programme by RIL to nurture future leaders

March 9, 2011

Reliance Industries Limited (RIL), under the guidance of its chairman Mukesh Ambani, has decided to propel a new programme under its banner that will aim at nurturing young, talented minds into becoming future leaders of the country. Accelerated Leadership Programme (ALP) is designed to develop a highly skilled and performance-oriented unit of fortified individuals who will most likely take up senior positions in the organization over the next few years.

ALP aims to target the nucleus of Reliance’s mammoth corporate establishment in an effort to ensure that the company is able to run on its super fast pace, orienting towards vertical and horizontal growth both in years to come. To achieve this goal, there is a need to ensure that the young minds of the company are trained and groomed in Reliance’s leadership ethics so as to ensure the output; in terms of production and value; both match up to Reliance’s ambitious initiative. As the company pursues its next phase of growth, the ALP would form the heart of this enterprise.

ALP is different from any other management training programme since it is directed towards a niche of experienced and high-performing professionals between the age group of 27 and 34 years (as compared to programmes which focus on overall management composition); professionals who are truly capable and passionate about working in high-growth businesses. RIL said that the ALP would comprise a hands-on, two-year leadership experience that has ‘no parallel’; aimed at developing a high-caliber leadership which will lead RIL in the future.

This initiative is noteworthy for not only its directive principles but for its aspirational quality. Today, there exists a growing need to direct human resources towards the larger good; one that emphasizes long-term value addition more valuable than short lived monetary success. These leaders will lead in the forefront of global leadership in all of Reliance’s business ventures. Coming from a company that epitomizes excellence in all its form and belief, this initiative from the house of Reliance will lead the way for aspiring young, who will tomorrow form the crème of India’s leaders.

‘Steve Madden’ label to come to India via Reliance Brands

March 8, 2011

Reliance Brands, a subsidiary of Mukesh Ambani run India’s largest private sector enterprise- Reliance Industries Limited (RIL) – is set to introduce the ‘Steve Madden’ fashion label to India via an exclusive licensing agreement. This agreement is likely to span a period of 20 years, whereby, Reliance Brands will establish exclusive Steve Madden outlets across Indian metro cities.

As part of the agreement, the Indian retail giant said that it will open around 20 exclusive stores across the country, starting with two outlets in Delhi and Mumbai this year itself. The label will sell women’s fashion accessories and footwear under the brands ‘Steven’, ‘Steve Madden’, ‘Madden Girl’ and ‘Big Buddha’.

The preliminary line of attack following this venture will try to focus on catering to women segment. Reliance Brands President and Chief Executive Officer Darshan Mehta reported that, “Through our association with Steve Madden, we look forward to translating the brand’s unique fashion sense into the mindset of the Indian women consumers and offering them what they’ve been demanding for.” As of yet, there are no plans of venturing into men’s category, but perhaps with time, this association can be augmented to this category as well.

The target audience of Steve Madden in India will be the 16 to 40 year women populace, who aspire to own cutting edge fashion merchandises that are not only contemporary, couture based and of-the-moment but characteristic of elegant chic designs across footwear and accessories range.

Steve Madden label was established in the year 1980, by New York based nascent entrepreneur Steve Madden as an exclusive designer footwear label. The company was named “Company of the Year” for the year 2006 at the ‘Footwear News Achievement Awards’ in New York City on Dec. 5, 2006.

Exclaiming his enthusiasm following the agreement, Steve Madden CEO Edward Rosenfeld said that, “India and its diverse consumer base is a very important and strategic market for us. Our association with Reliance Brands culminates a long cherished goal of entering this market and marks the beginning of a long-term association.”

Akash Ambani: Like father, like son

March 3, 2011

Coming from the lineage of Ambani’s, Akash Ambani has been borne into noetic greatness. By being an avid supporter of his mother’s IPL endeavor ‘Mumbai Indians’ to plunking for his father while signs important deals, Akash Ambani is surely making his presence felt in the Reliance Industries Limited (RIL) empire.
The eldest son of Mukesh and Nita Ambani, Akash Ambani has always ingested an inclination towards attaining the eruditeness that goes into work at one of India’s largest private sector enterprises. And being a part of this supremely reputed company, whose name stands synonymous to ideals of trust and value, is no short of being desirous for anyone. Genetically, he has inherited probably one of the best chromosomal count; given that the names of his father and grandfather are the yard stick for any businessman’s and his business’s valuation. But with an added stroke of creative insight from his mother and a philanthropist streak from both the parents; Akash Ambani, perhaps, is the ideal combination of virtues.
Lately, he has been a part of Reliance Industries Limited’s most crucial ventures, and there could not have been a more apt occasion to let it be known that Mukesh Ambani has begun grooming RIL’s heir under his own patronage. He was present at the signing of RIL-BP deal just last week; one of India’s biggest FDI deals to be signed so far. His first major outing in the world of bids and business was in the last edition of IPL 4 last year. On his break from Brown’s, he was present along with mother Nita at the ‘Mumbai Indians’ table at the players’ auction held in Mumbai. It was Akash who had gotten up and walked up to the auction dais with the sealed envelope containing the bid for Kieron Pollard. Thebid-a reported $ 2.75 million.
Akash finished his schooling from the Dhirubhai Ambani International School which is run by his mother Nita Ambani. He has been always taken an avid interest in various extra-curricular activities like cricket right from his childhood. His mother once quoted saying that she makes sure her children stay rooted. “There are two views of life, the helicopter view and the one you get when you get down into the water for a real feel– swim in it,” Nita Ambani had once said.
This 19 year old heir to the Reliance empire, may catch the green in the eye of many youngsters, but Akash Ambani has for long maintained that he understands the responsibility he has on his shoulders. Another onus for him would be to match up to the likes of his father; a difficult task indeed. But this ambitious and aspirational one is sure to follow suit just like his father did after his grandfather Dhirubhai Ambani left for heavenly abode. He has the genetics to help him gain knowledge of all the business that there is but he has his own inspired instinct to guide him to the better.