Reliance Brands MD Darshan Mehta to Step Down
Darshan Mehta, the MD of Reliance Brands, will be relinquishing his position after almost two decades at the company's helm. Sources said that Mehta will become a mentor to next-generation leaders within the Reliance Group and explore untapped business opportunities, too.
"Mehta will mentor the next generation of leadership and also help evaluate and explore untapped business opportunities", sources added.
In addition to this new role, Mehta continues as a non-executive director on the board of Reliance Brands. Reliance Industries had not responded to queries on the matter at the time of going to press.
Mehta has been a pillar of Reliance Brands since 2007. He was one of the first employees when the business was started. Prior to working with Reliance, he held significant senior positions at companies such as Arvind Brands. Mehta played a key role in building the bases of Reliance in the luxury and premium retail sectors. He established partnerships with global leaders, initiated the entry of several global brands into India, and invested in homegrown designer brands.
Today, over 90 international brands, including Balenciaga, Jimmy Choo, and Bottega Veneta, are present in India through Reliance Brands' partnerships. A subsidiary of Reliance Retail Ventures, Reliance Brands is responsible for introducing and developing international luxury and premium brands in fashion and lifestyle segments.
The company, according to sources, has not zeroed in on a successor for the Managing Director position. For now, the operational management of the company will lie with the leadership team constituted by Reliance with senior executives heading the company's operation. The leadership team comprises Vikas Tandon - senior vice-president of luxury retail; Dinesh Taluja, the chief financial officer of RRVL; Prateek Mathur, who leads the corporate strategy for Reliance Retail; and Sumeet Yadav, group vice-president of RBL who have been with the company since inception.
The growing demand for premium brands and novel consumer experiences is transforming the retail landscape in India, but it becomes both a challenge as well as an opportunity. Reliance Brands, despite having a robust market, posted a loss of Rs 288.4 crore in FY24 compared with Rs 185 crore in FY23.
Mehta's exit marks the end of an era for Reliance Brands, as the company encounters a competitive retail environment while further developing its luxury and premium portfolio under the interim leadership of its core executive team.