India’s biggest retail chains: What you need to know about them
New Delhi, Jan. 12:The top 10 retailers in the country have all closed shop after a prolonged slump, with many retailers blaming the slowdown on the prolonged monsoon.
Some, like JD, have even been forced to lay off staff.
The industry suffered a sharp drop in 2016-17 as the monsoon slowed down.
However, retail companies say they are now getting more confidence from the new fiscal as there is no risk of monsoon again.
According to the Indian Retail Federation, the country’s largest retail chain, its turnover fell by nearly 30% in 2016 and the company’s revenues fell by 17% in 2017.
The decline has also affected other retail players like H&M, which has cut about 10% of its workforce and has had to lay-off about 30% of staff.
H&M has also been forced by the government to layoff about 1,000 staff members, including its CEO, Jostein de Vries.
Johannesburg, Jan 6: The biggest retail chain in the world is shutting shop after nearly a decade, with JD, India’s largest, the biggest and the most profitable, among them.
It is the first time in its history that the company has had its stores shut.
The retailer said the closure will affect about 30,000 employees and its operations in more than 200 countries.
JD had previously said it would take a two-and-a-half year turnaround.
The retailer said it had to close down more than 1,500 stores in the United States and the United Kingdom because of the economic slowdown.
The closures in the U.S. are expected to affect about 300,000 JD employees.
In India, Jdg.com, which owns about 50% of the countrys largest online retailing company, has also said it will close its doors in 2017 as the government cuts the subsidy it pays online retailers.
JD is one of the biggest online retailers in India.
The company has more than $30 billion in annual sales.
JD is the world’s largest online retailer.
It owns more than 50% stake in e-commerce site Snapdeal and its biggest shareholder is Softbank Group.
In January, JD announced a plan to hire 1,400 more staff to support the business.
It has also increased its investment in its operations and facilities.JD had announced the hiring of about 1.5 lakh new employees, including 1,300 new workers at its main office in Mumbai, in addition to its plans to expand its India operations.
It also increased the number of its retail outlets in India from 1,200 in January to about 3,000 now.JD’s chief executive, Ravi Bhardwaj, has been credited with helping the company to turn around its fortunes.
The company’s stock price had been hit hard by the decision to shut its retail operations.
Its share price fell by 7% in early 2016 and its shares have fallen by over 40% in the past three years.
JD’s share price had fallen by more than 30% since its IPO in 2011.
Bhardwai said JD will continue to invest in its business, while also increasing its investment to support its expansion in India and the world.
Jdg has not given an estimate for the total costs of its shutdown.