Reliance Brands chief Darshan Mehta, who built luxe business, to step down

MUMBAI:

Reliance Brands

MD

Darshan Mehta

will step down from the top job after having steered the business for close to two decades, moving into a mentoring role within the Reliance Group, sources told TOI.
“Mehta will mentor next-generation leaders and will also help evaluate and explore untapped business opportunities,” sources said. Mehta will also continue to serve as a non-executive director on the board of Reliance Brands. Reliance Industries did not respond to queries till the time of going to press.
Mehta who was among the first employees of Reliance Brands has been leading the business since its inception in 2007. An industry veteran with previous stints in companies like Arvind Brands, Mehta built and drove the expansion of Reliance’s

retail business

in the luxury and premium segments.
Under his watch, Reliance Brands stitched partnerships with several global brands, launching a slew of them in India besides investing in building and operating homegrown designer brands. Currently, more than 90 brands including Balenciaga, Jimmy Choo and Bottega Veneta operate in India through partnership with Reliance Brands. A subsidiary of Reliance Retail Ventures, Reliance Brands has a mandate to launch and build global brands in luxury to premium spaces across fashion and lifestyle.

Sources said that Reliance has not yet taken any decision on appointing a new MD for Reliance Brands. For now, senior Reliance executives Vikas Tandon, Dinesh Taluja, Prateek Mathur and Sumeet Yadav will form the core leadership team overseeing Reliance Brands. Tandon is senior vice-president,

luxury retail

, Taluja is the chief financial officer of RRVL, Mathur is the head of corporate strategy for Reliance Retail and Yadav is the group vice-president for RBL and has been with the company since inception, sources said.
The retail landscape in India is rapidly evolving with consumers seeking premium brands and differentiated experiences. However, Reliance Brands reported wider losses of Rs 288.4 crore during the year compared to losses of Rs 185 crore in FY23.