Mukesh Ambani, India’s wealthiest individual with a staggering real-time net worth of Rs 9.2 lakh crore, has strategically laid the groundwork for the future of Reliance Industries. This involves entrusting the leadership of key subsidiaries to his children. While Akash Ambani takes the helm at Reliance Jio and Anant Ambani steers Reliance Energy, it’s Isha Ambani who oversees the triumphant trajectory of Reliance Retail, a company with a colossal pre-money equity valuation of Rs 8.3 lakh crore as of August 2023.
Akin to Mukesh Ambani’s trusted man, Manoj Modi, Isha has her strategic ally in Darshan Mehta, head of international fashion and lifestyle brands portfolio under Reliance Brands Limited (RBL). Since its founding in 2006, Mehta has been an integral part of Reliance Brands, and his journey with the retail giant has seen him at the helm since 2008.
Darshan Mehta, a Chartered Accountant by profession, commenced his career in advertising and later became a senior executive at Trikaya Grey Advertising, now under the umbrella of WPP. Noteworthy is Mehta’s salary of Rs 4.89 crore for the fiscal year 2020-2021, as reported by Reliance Retail’s filings and DNA India.
A luminary in the fashion business, Mehta was honored with the Fashion Business Award at the inaugural GQ Style Awards in 2018 for his profound influence on the fashion landscape in India. His accomplishments extend beyond accolades, as he played a pivotal role in bringing 85 international brands, including Burberry, Valentino, Versace, and many more, to the Indian market.
With Mehta being an integral part of the team, Reliance Retail has witnessed remarkable growth. The company reported a staggering turnover of Rs 2.6 lakh crore for the fiscal year 2022-2023. As of March 2023, Reliance Retail operated a network of 18,040 stores across 7,000 towns, with an additional 3,300 stores opened in 2023, according to GQ.
Notably, the company received a monumental investment of $1 billion (approximately Rs 8,290 crore) from the Qatar Investment Authority, translating into a 0.99% stake in unlisted Reliance Retail. This investment propelled the Indian retail giant’s valuation to nearly $100 billion (approximately Rs 8.291 lakh crore).
Darshan Mehta’s impact goes beyond financial figures; he has been instrumental in turning Reliance Retail into a formidable force in the luxury and retail sector. He plays a pivotal role in shaping the future of one of India’s most influential conglomerates.
