Ajio wants to course-correct, but Reliance Retail’s shadow looms large
· 12 min · Episode 866
Episode Ajio wants to course-correct, but Reliance Retail’s shadow looms large
Reliance has a lot to celebrate. The bidding for Jio IPO closed on Friday, more than 20 times subscribed, and with India's biggest valuation ever; the shares will list on Wednesday.
But the Ambani empire is bigger than just Jio, and not every member of the conglomerate is getting attention.
Take Ajio, which is heading into the competition of festive season with falling traffic, trimmed marketing and discounts, and big brands focusing more on Myntra.
The new CEO of digital business, including Ajio, is Sandeep Karwa. He has the right experience, but executives told The Ken that the investment necessary hasn't arrived yet, and Reliance's control on decisions and payments limit his freedom.
In this read aloud of Nuha Bubere's newsletter edition of Trade Tricks by host Rachel Varghese, we look at whether Karwa can turn Ajio around.
Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.
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