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Reliance Retail’s online shopping platform, JioMart, has laid off over 1,000 employees and it further plans to layoff 9,900 more jobs over the coming weeks, as per the reports, since the Indian retail giant is looking to improve its margins.
The report by The Economic Times, comes after JioMart’s aggressive pricing strategy which is prompting traditional distributors to contemplate supply disruptions. However, it seems that the strategy have shifted since the firm are been focused on improving the margins and reducing the losses.
Further ahead, JioMart is planning on closing more than half of its 150-plus fulfillment centres that supply to neighbourhood stores. This move of closure comes after the entity have bought German retailer Metro AG’s Indian cash and carry business for $344 million.
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It is expected that with hefty shares of Reliance Retail and the inclusion of Metro’s 3,500 employees workforce, there will be further changes in India’s burgeoning online B2B retail sector.
Earlier, it was reported that Reliance Retail has been in talks to bring back Shein in India. The cloth-wear brand is expected to join the list of brands – Gucci, Versace, Armani Exchange, Jimmy Choo, and others – partnered with Reliance Retail.
