Jan 2, 2020

Asia's richest man takes on retail giant Amazon

A conglomerate run by Asia's richest man has started rolling out a challenger to Amazon in India. The new e-commerce venture is emerging as a major challenger to India's existing online retail giants. Two subsidiaries of Mr Ambani's business empire, Reliance Retail and Reliance Jio, said they have soft-launched the venture called JioMart. Reliance Industries' core business is oil refining but it also has major investments in other sectors including retail and telecoms. Reliance Retail owns grocery stores in India, runs outlets for global brands, including Hugo Boss and Burberry, and in 2019 bought the British toy shop Hamleys.

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