Reliance Brands Limited’s (RBL) ex-managing director Darshan Mehta died on Wednesday at 64, as per individuals privy to the information. Mehta, who recently retired as MD to assume a non-executive director role on the board in November last year, left behind a legacy of restructuring India’s high-end retail industry.
A trained chartered accountant, Mehta came on board Reliance Industries Limited (RIL) following a successful stint as the president at Arvind Brands Ltd. He was instrumental in establishing Reliance Brands Limited in 2007 and took the company to become the leading player in the luxury and lifestyle space in India.
Built a Portfolio of International Fashion Icons
Under Darshan Mehta, RBL brought many global fashion and lifestyle icons to India. Its portfolio of over 50 brands includes international players like Burberry, Brooks Brothers, Jimmy Choo, Michael Kors, Superdry, Kate Spade New York, Hugo Boss, Hunkemoller, Tiffany & Co., Steve Madden, and Scotch & Soda.
RBL also invested in domestic designer brands such as Raghavendra Rathore, Manish Malhotra, Rahul Mishra, Anamika Khanna, Abraham & Thakore, Ritu Kumar, and Abu Jani & Sandeep Khosla, solidifying its position as a fashion giant in the nation.
Tough Financial Year for RBL in FY24
Though having a renowned brand portfolio, RBL faced a tough fiscal year in FY24. Based on its annual report, the firm posted a 13% growth in total revenue to ₹2,303 crore. However, losses increased by 55%, standing at ₹288.4 crore versus ₹185.16 crore in FY23. Diesel Fashion India and Paul & Shark, which are owned by RBL, struggled to bring profitability.
Reliance Eyes Expansion in Consumer Products
In connected news, Reliance Consumer Products Ltd (RCPL), the FMCG business of RIL, is going ahead with its strategic rollout. As mentioned in March, the company plans to sell products such as Campa and Independence pan-India in three to four years. In the next 12–18 months, RCPL will introduce additional products to take on the likes of ITC and HUL.
Mehta’s death is the end of an era in India’s luxury retail industry, leaving behind a legacy of vision and innovation.
