India's richest man, Mukesh Ambani, continues to lead the country's most valuation company, Reliance Industries. To remain at the top in the business world, his company makes new strategies, plans, partnerships and more. Now, Reliance Retail, which is led by Isha Ambani, has announced the temporary shutdown of its fashion store Centro, which is currently in 24 locations across India, ET reported.
The decision has been taken to reposition the format with mostly its own brands and labels it has launched in India as a licensee partner. These brands include Azorte and Yousta. The retail major has already closed three stores and planning to shut down around 24 stores by the end of this month, the report stated.
In September 2022, Reliance had converted Future Group's Central into Centro in locations where it had taken over the lease after the Future Group surrendered the property to it. In October 2024, Reliance Retail reported a net profit of Rs 2,836 crore for the quarter ended September, reflecting a 1.3% year-on-year increase. from Rs 2,800 crore. However, its revenue from operations dropped by 3.5% to Rs 66,502 crore, compared to Rs 68,937 crore in the corresponding period last year. The company also slowed down expansion and increased store closures this fiscal.
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