In a significant intellectual property decision, a court has sided with Indian conglomerate Reliance Industries (RIL), barring Ludhiana-based Jaipal Gaba and his company, Mack Hosiery, from using the well-known 'Vimal' trademark on their clothing products. The ruling affirms RIL's exclusive rights to the 'Vimal' brand name.

The Gujarat High Court recently upheld an earlier order from a Commercial Court in Ahmedabad, which had prohibited Jaipal Gaba and Mack Hosiery from selling apparel under the brand names 'Vimal,' 'Vimal Jonney,' and 'Mack Vimal.' This legal action followed a lawsuit filed by RIL alleging trademark infringement.

RIL initiated the lawsuit in 2021, asserting its exclusive ownership of the 'Vimal' trademark. The company stated that it has actively used the brand since 1967 and has it registered under Class 24, which covers textiles and textile goods. RIL emphasized the substantial investments made over the decades to build the 'Vimal' brand's reputation, including high-profile endorsements by major film and cricket celebrities.

The complaint detailed how Jaipal Gaba and Mack Hosiery, who sell their products through various online platforms, were prominently using the 'Vimal' trademark on similar goods such as apparel, ready-made garments, T-shirts, and shirts. RIL also pointed out that Gaba’s products used the ‘Reliance’ name alongside ‘Vimal,’ further compounding the trademark infringement issue.

In his defense, Gaba challenged the court's jurisdiction, arguing that the Ahmedabad court lacked authority since his business primarily operates in Punjab and other states. Gaba claimed his rights to the 'Vimal' brand stemmed from a separate registration under Class 25 (covering clothing, footwear, and headgear) by Milap Hosiery, with records dating back to 1976. He presented an assignment deed from 1986 that supposedly transferred usage rights to him and noted registrations for 'Vmark,' 'Vimal Jonney,' and 'Mack Vimal' between 2016 and 2018, supported by user details from 1993.

Following an initial hearing, the court observed that while RIL’s and Gaba’s products fall under different trademark classifications, they are commonly sold in the same retail environments and are closely related in the eyes of consumers. Given RIL’s long-established use and strong brand recognition, the court determined RIL to be the prior user of the 'Vimal' trademark.

The court further reasoned that the similarity between the brand names could lead to consumer confusion, especially considering RIL’s significant nationwide brand visibility, while Gaba’s market presence is more limited. The court stated that RIL had presented a prima facie case for passing off under the Trademarks Act, finding that Gaba’s use of ‘Vimal,’ ‘Mack Vimal,’ and ‘Vimal Jonney’ was misleading and infringed upon RIL’s established goodwill.

Subsequently, the Gujarat High Court upheld the commercial court’s injunction, reinforcing RIL’s trademark protection for its iconic ‘Vimal’ brand.

Mukesh Ambani's ambitious foray into Indian retail, spearheaded by Reliance Retail Ventures Limited (RRVL), has undeniably established the company as the country’s largest retailer in terms of revenue and reach. However, a closer examination of its financial performance and acquisition strategy reveals a narrative of rapid expansion that hasn't translated into commensurate profits, a point highlighted by angel investor Ashish Gulgulia in a recent LinkedIn post. This perspective is echoed by some analysts while others maintain a more optimistic outlook, focusing on the long-term potential.

Growth not reflected in profit

Over the past decade, RRVL has seen exponential growth. As per the company's recent figures, gross revenue for FY25 reached Rs 3.3 lakh crore that is 8 per cent year-on-year increase. The retail footprint has also grown, with the store count rising 64 per cent in the last five years to reach 19,340 outlets nationwide. This aggressive growth has been due to capital expenditure, with Rs 36,000 crore invested in the past fiscal year alone.

Table: Comparative profit analysis (FY25 estimates)

Gulgulia's analysis points directly to the, "missed opportunities and underwhelming returns," despite RRVL's "unmatched ambition, capital, and scale." He notes while RRVL has achieved a staggering Rs 3.3 lakh crore in gross revenue in FY25, which is 8 per cent year-on-year growth, and increased its store count to 19,340, a 64 per cent rise in five years, the underlying profit metrics raise significant concerns. He observes, RRVL's EBITDA margin remains stuck at a modest 8.3 per cent, and its PAT margin at just 5 per cent, despite a substantial Rs 36,000 crore capital expenditure in the last fiscal year. He argues that even the 11 per cent annual PAT growth feels "underwhelming for a business of this scale and investment."

A comparison with peers like Trent (22.5 per cent EBITDA margin), Shoppers Stop and Aditya Birla Fashion (both exceeding 16 per cent), and even DMart (close to 7.9 per cent in the grocery segment) starkly illustrates Reliance Retail's profit deficit. "For all its dominance, Reliance’s retail business simply lags on profits," he encapsulates the core issue. Furthermore, he critically examines RRVL's acquisition strategy, noting that the "much-hyped startup acquisitions haven’t helped." His analysis of key acquisitions reveals a concerning trend.

Table: Performance of Reliance Retail acquisitions

Gulgulia's observation that "Out of ten major acquisitions, more than half are loss-making or shrinking" underscores the challenges RRVL faces in effectively integrating and turning around these businesses. His commentary on the conversion of Big Bazaar stores into Reliance Smart as a "masterstroke" that has largely resulted in "more square footage, not more profit" further highlights the disconnect between expansion and profitability.

In his analysis, Gulgulia pinpoints several potential reasons for this struggle, including: Integration without synergy; management stretch, a focus on "Chasing scale, not substance," and "Margin-dilutive segments." These factors, as Gulgulia articulates, have likely contributed to the underwhelming financial performance despite the massive investments and market reach.

In line with Gulgulia's implicit critique of prioritizing scale over efficiency, Avenue Supermarts, which operates DMart, offers a compelling contrast. DMart's focus on organic growth, operational efficiency, and value retailing in the grocery segment has yielded consistently healthy profit of near 7.9 per cent EBITDA margin, even within a low-margin sector. This reinforces hus suggestion that a focus on substance and efficient operations can be more effective than solely pursuing scale.

Contrasting views against the analysis

However, Deepika Mittal, a partner at a leading consulting firm specializing in retail strategy Deloitte India, speaking at a retail leadership summit in Mumbai recently  countered, "While scale is undoubtedly important in retail, sustainable profitability is paramount. Reliance Retail's current numbers suggest an overemphasis on topline growth at the expense of bottom line. The challenges in integrating acquired businesses and the inherent low margins in key segments like grocery need to be addressed strategically. Simply being the biggest doesn't guarantee long-term success if profitability remains elusive."

However, Gulgulia concludes, Mukesh Ambani's retail empire showcases significant vision and ambition. However, the current financial indicators, as he and several analysts highlight, suggest that "scale alone isn’t enough." While some analysts remain optimistic about future margin growth driven by market dominance and synergy realization, others echo Gulgulia's concerns about the need for a shift towards profits and efficient integration. The coming fiscal will be crucial in determining whether RRVL can indeed deliver on its promise and validate the varied perspectives of investors and industry experts

Reliance Retail has reported a significant 2.4x growth in its quick commerce segment for the March quarter, with plans to expand by establishing dark stores to increase coverage.

The company’s CFO, Dinesh Taluja, highlighted the strong traction of its hyper-local delivery service, which covers 4,000 pin codes across India via its existing stores.

The quick commerce services, including under-30-minute, scheduled, and subscription-based deliveries, have seen a 62 per cent year-on-year growth in daily orders.

Taluja emphasized that the company is focused on leveraging its store network to deliver within a 3-kilometre radius, with plans for dark stores in areas with high demand.

In addition to quick commerce, Reliance Retail’s online fashion business, Ajio, has introduced same-day and next-day deliveries across 26 cities.

The company reported a gross revenue of Rs 3.30 trillion and an 11.33 per cent increase in profit after tax for FY 2024-25.

An iconic Indian menswear brand, Reid & Taylor plans to launch 40 stores by 2025-end. The brand recently opened an exclusive store at Little World Mall in Kharghar, Navi Mumbai. This launch is a major step in the brand's nationwide expansion plan, solidifying its position as a top-tier destination for men's ready-to-wear clothing.

The store features Reid & Taylor’s signature lines, including dress shirts, pants, suits, and carefully selected accessories, creating a one-stop shop for men looking for stylish and sophisticated looks. Its placement in Little World Mall is expected to attract a diverse customer base, including professionals, those shopping for weddings, and fashion-forward young men, further boosting the brand’s visibility and presence in the region.

This new store in Kharghar underscores the brand’s commitment to making Reid & Taylor's refined menswear more accessible to its valued customers across India, states Subrata Siddhanta, CEO –Apparel & Retail, Reid & Taylor.

The brand’s rapid retail rollout aligns with its goal to re-establish the brand as a standard-bearer for timeless elegance and top-notch craftsmanship. With this latest opening, Reid & Taylor is maintaining its momentum as it reclaims its legacy in the Indian fashion scene through strategic retail growth, high-quality offerings, and a focus on providing excellent customer experiences, he adds.

A well-known Indian lifestyle and fashion retail brand, Iconic has expanded its operations in Central India by opening a new flagship store in Raipur. Situated in Zora The Mall, the expansive 27,000-sq-ft store is Iconic's largest format in the region to date.

Attended by Vishnu Deo Sai, Chief Minister, Chhattisgarh alongwith Arun Sao, Deputy Minister, the store opening highlights Iconic's ongoing strategy to strengthen its retail presence in significant regional markets.

Featuring dedicated departments for men, women, and children, the store showcases a diverse collection of international and domestic brands. The brand lineup includes names such as Gant, DKNY, True Religion, Antony Morato, and Shantanu and Nikhil. Iconic’s own in-house brand is also part of the merchandise selection, catering to a wide range of consumers seeking high-quality and modern fashion.

This expansion aligns with Iconic’s strategy to enter into high-growth Tier-II cities. More than just a new location; the store represents the next phase of the brand’s expansion. As it grows across India, the brand is intentionally moving into dynamic, fast-growing cities with significant potential, states Apoorv Sen, COO, Iconic.

Aiming to establish itself as a comprehensive multi-brand lifestyle destination, the store offers occasion wear, everyday clothing, and premium formal wear all in one place. With its retail experience based on an extensive brand selection, the store reflects the increasing demand for global fashion trends in non-metropolitan markets.

Vijay Jhanwar, Owner, Zora The Mall, avers, with its impressive brand mix and premium offerings, Iconic is poised to elevate the fashion scene in the region. The opening of this new store further strengthens the brand’s commitment to scale its retail operations and improve consumer access to global fashion labels across India’s emerging markets.

Ashish Dikshit, Managing Director, Aditya Birla Fashion and Retail (ABFRL) has been appointed as Managing Director of the newly demerged entity, Aditya Birla Lifestyle Brands. He will hold this position in addition to his current role at ABFRL.

The board also appointed Vishak Kumar as the Deputy Managing Director and Chief Executive Officer of the lifestyle division.

Both appointments will be effective starting May 1, 2025, pending regulatory and other required approvals.

Having over 30 years of experience across industries and functions, Dikshit began his career with Asian Paints before joined Madura Fashion & Lifestyle, where he spent 15 years working across sales, brand management, supply chain, and sourcing. He became President of the Lifestyle division in 2007 and was elevated to CEO in 2012. In February 2018, he was named Managing Director of ABFRL.

An alumnus of IIT Madras (Electrical Engineering), Dikshit holds an MBA from IIM Bangalore and has completed the Advanced Management Program at Harvard Business School.

Vishak Kumar, CEO, Madura Fashion & Lifestyle, has been with the group for nearly three decades. Having joined the company in 1995 as a management trainee, he has since held leadership roles across sales, marketing, and retail.

Prior to his current role, Kumar served as CEO of Aditya Birla Retail, where he played a key role in transforming the 'More' supermarket and hypermarket business.

India’s first multinational socks brand, Bonjour aims to open around 50 EBOs in the National Capital Region (NCR), with a store roughly every six to nine miles. The brand’s main focus is on high street locations, where it already has a strong presence. About 25 per cent of its expansion is planned in malls, high streets—especially in smaller cities.

The brand’s immediate plan is to expand outward from its base in the NCR. According to Raj Kumar Jain, Founder and Managing Director, in the first phase of its growth plan, the brand aims to cover states like Haryana, Punjab, Uttar Pradesh, and Himachal Pradesh, followed by further expansion into Western and Southern India.

Demographically, Bonjour has been focusing on consumers aged 25 and older. However, it now emphasizes on creating a brand image and feel that appeals to the 18-25 age group.

The brand’s growth strategy is centered on three key priorities: innovation, ease of availability, and sustainability. Its plans to introduce cutting-edge garment technologies to the Indian market and deliver products that combine exceptional comfort, durability, and superior design.

Additionally, Bonjour also plans to make its products more accessible for customers, ensuring they’re easy to find and buy. Sustainability is also a core focus, as the brand continues to prioritize eco-conscious practices in all its operations.

Established in 1988 in Delhi by Raj Kumar Jain, Bonjour initially operated from a rented factory in Delhi, The company is currently the only vertically integrated brand in the sector, with complete control over the entire production process—from making the yarn to packaging—spanning a massive 250,000 sq. ft. of factory space.

In 2007, Bonjour launched its first exclusive brand outlet (EBO), and about a decade ago, it ventured into the online space. Today, it serves over 17,000 retailers and 180 distributors across India and has expanded to more than 17 EBOs in regions like Delhi-NCR, Dehradun, and Ambala. The brand is also present in multi-brand outlets (MBOs), including small local stores and large-format retailers such as Lifestyle, V-Mart, and several others, especially in the Southern region.

Online, Bonjour has  a presence on its own direct-to-consumer (D2C) website, major e-commerce platforms like Amazon and Flipkart, as well as quick commerce services like Zepto and Blinkit.

As trade relations between the US and India continue to evolve, a critical fault line has emerged in the digital commerce space. Washington is pressing New Delhi to loosen its restrictions on foreign e-commerce companies—a move it sees as essential for fair trade, but India views this as a potential threat to its domestic economic fabric.

The resulting tension underscores not just a trade dispute but a broader clash of economic ideologies.

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The crux of the conflict

At the center of the dispute is India’s e-commerce policy, which permits foreign players like Amazon and Flipkart (majority-owned by Walmart) to operate only as online marketplaces.

These platforms are forbidden from holding inventory or directly selling goods to consumers. In contrast, Indian companies can operate more freely, engaging in both marketplace and inventory-led models.

To the US, this asymmetry represents a "non-tariff barrier" that unfairly restricts American firms.

As trade talks progress, the US is making a strong case that easing these restrictions must be part of any future tariff agreements.

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India’s rationale, protecting its economic ecosystem

India’s cautious stance is driven by a range of priorities

The first involves safeguarding domestic businesses. India’s e-commerce policy aims to protect its extensive network of small and medium-sized enterprises (SMEs) and traditional retailers. These businesses form the backbone of India’s retail sector, and policymakers fear that unrestricted access to deep-pocketed foreign companies could drive them out of business.

The government's “Self-Reliant India” initiative champions domestic manufacturing and consumption. By limiting the direct involvement of foreign players, India seeks to nurture homegrown industries and encourage the use of local products.

Concerns over data security and privacy also loom large. Restricting foreign companies’ ability to control inventory and sales reduces their access to sensitive consumer data, giving India greater oversight and regulatory control.

Predatory pricing is another bugbear. India fears that global e-commerce giants could use their financial muscle to undercut prices and monopolize the market, endangering smaller players. The marketplace-only model is designed to preserve a fairer competitive environment.

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However, the US is advocating for sweeping changes as a condition for a broader trade agreement. It wants removal of marketplace-only restrictions. This would enable American companies to own inventory and sell directly to Indian consumers, mimicking their operational models elsewhere.

The US is also urging India to ease foreign direct investment rules in the multi-brand retail segment, enabling firms to set up physical retail and logistics networks.

American officials argue that such steps would not only benefit their companies but also boost consumer choice, reduce prices, and inject innovation into India’s retail landscape.

What happens if India concedes?

Should India choose to relax its e-commerce restrictions, the consequences would be profound.

While it lead to an investment boom as US companies could bring in substantial FDI, strengthening infrastructure and logistics. Consumer benefits will increase with more choices, and competitive prices and better service standards could emerge, similar to the telecom sector's transformation.

Also, greater competition could push domestic firms to innovate and modernize. And if foreign platforms actively promote Indian products globally, sectors like handicrafts and apparel could see export gains.

However on the down side, retail sector disruption will increase as small retailers may find it hard to compete, risking widespread job losses. According to CAIT, over 70 million small businesses could be affected. Foreign dependence will increase as dominance by global firms might reduce India’s control over its retail ecosystem.

With broader access, foreign firms might gain control over more granular consumer data, raising red flags.

Moreover, even with regulation, deep discounts and aggressive pricing by global players could stifle local competition.

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Finding the middle ground

India’s path forward will likely be one of compromise, balancing openness with protectionism. Possible measures include:

• Phased implementation: Gradual changes could give local firms time to adapt.
• Data and pricing regulations: Stronger laws on data localization and fair competition may be introduced.
• Support for SMEs: Financial incentives and digital infrastructure support could level the playing field.
• Clear regulatory definitions: Clarifying what constitutes a marketplace or inventory-led model can enhance oversight.

Thus, the ongoing e-commerce standoff between India and the US is more than a trade negotiation—it reflects broader questions about economic sovereignty, globalization, and the digital future. As the two nations strive to reconcile their visions, the decisions made will ripple across global markets, setting a precedent for how emerging economies engage with global tech giants.

India's challenge lies in crafting policies that welcome innovation and investment while preserving the spirit of self-reliance and protecting millions of livelihoods. Whether this will lead to a breakthrough or further stalemate remains to be seen—but one thing is certain: the stakes are high, and the world is watching.

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