In a strategic move that signals potential leadership transition, Reliance Retail has brought on board former Carrefour executive Guillaume de Cologne to oversee its expansive grocery business operations. This development positions Cologne as a likely successor to Damodaran Mall, the current chief executive of the company's grocery retail division.
Strategic Hiring Ahead of Public Offering
The recruitment comes at a crucial juncture for Reliance Industries Ltd's retail arm, which is actively preparing for an initial public offering anticipated around 2027 or 2028. According to an October 13 report by Axis Securities, the retail business currently commands a staggering valuation of approximately $100 billion, underscoring the significance of this executive appointment.
Sources familiar with the matter revealed that Cologne, who previously served as chief commercial officer at French retail giant Carrefour, was recruited earlier this year. Carrefour operates an impressive network of more than 14,000 multi-format stores across over 40 countries, encompassing hypermarkets, supermarkets, convenience stores, and cash-and-carry wholesale outlets.
Leadership Transition in the Making
Damodaran Mall, the industry veteran currently at the helm, brings substantial experience from his tenure at Hindustan Unilever and Future Group, where he served as director of food strategy and was a core member of founder Kishore Biyani's team. Mall joined Reliance Retail in 2013 and has since been leading the grocery division.
According to insiders, Cologne is being systematically groomed for an expanded role within the organization. "He is trying to get a full understanding of the B2B and consumer-facing businesses, including stores and some parts of online," one source commented. "The focus is to improve the overall store experience and bring in more of his international expertise to create a better offline shopping experience."
While there's no official timeline for Mall's potential departure, the strategic positioning of Cologne indicates Reliance's forward-planning approach to leadership succession.
Strengthening India's Retail Dominance
An equity analyst, speaking anonymously to Mint, suggested that Cologne's appointment represents Reliance's ambition to elevate its retail game. However, the analyst cautioned that "modern retail in India is very different versus global retail because there are many India's within India. Retail also requires very close grassroots level knowledge of consumer habits in India."
Cologne brings over 30 years of retail industry experience, including significant leadership roles as CEO of Carrefour Turkey and CEO of Carrefour Malaysia and Singapore. This international expertise could prove valuable as Reliance continues to dominate India's retail landscape.
Reliance Retail operates multiple business verticals under separate CEOs, including:
- Akhilesh Prasad (president and CEO fashion and lifestyle)
- Sandeep Varaganti (CEO, JioMart)
- Brian Bade (Reliance Digital)
V. Subramaniam serves as the managing director of Reliance Retail Ltd, overseeing what has become India's largest retailer with businesses spanning consumer electronics, grocery, fashion and lifestyle, and connectivity services.
Financial Performance and Market Position
The company reported impressive financial results for FY25, with operational revenue reaching ₹2.91 trillion and EBITDA standing at ₹25,094 crore, marking an strong>8.6% year-on-year increase. These figures demonstrate Reliance Retail's formidable position in India's total retail market, estimated at $1.15 trillion in 2025 by Deloitte and projected to grow to $1.8 trillion by 2030.
Grocery continues to command the largest share of retail spending in India, followed by apparel, accessories, and footwear. Reliance Retail operates approximately 5,000 outlets under the grocery category through various formats including Reliance Smart, Reliance Smart Bazaar, Fresh Signature, Freshpik, and Metro Cash & Carry, along with its online grocery platform JioMart.
As of the September quarter, the company operated 19,821 stores in total, having recently completed a consolidation phase that involved shutting several large-format stores to pivot toward smaller formats. The company invested ₹33,696 crore in FY2024–25, representing a 37.5% year-on-year increase, toward store expansion, consumer-goods acquisitions, warehousing and retail infrastructure.
Axis Capital noted in an October 13 analysis that "Retail saw a period of subdued performance in CY24, primarily due to operational rationalization undertaken by the company, which is now complete. We believe improvement in retail should act as a catalyst for the stock, given the implied low valuation."
The company faces competition from DMart, Samara Capital-backed More Retail, Amazon, Spencer's Retail, and Lulu Hypermarket, though it maintains a dominant position in the modern retail segment, which accounts for 23.5% of the value share of packaged consumer goods across more than 50 cities according to NielsenIQ data from the September quarter.
