A ‘modern’ partner looking at Reliance partnership
New Delhi: Premium gourmet grocery retailer Modern Bazaar is exploring potential strategic partnerships with Reliance Retail, Le Marche, and two other distinguished chains, according to sources familiar with the ongoing discussions. The owner, Kunaal Kumar, clarified that the company is not considering an outright sale, but rather seeking a strategic partner to accelerate growth.
A formal announcement of the potential deal may be made this month, with a projected valuation ranging from ₹100-150 crore, though buyers may accept a lower valuation. Modern Bazaar has reported a significant decline in offline store sales, primarily due to shifting consumer preferences towards quick commerce and the chain's declining quality control.
The company faces challenges in managing vendor payments for fresh bakery and frozen foods. Despite the setbacks, Modern Bazaar remains committed to its growth plans, aiming to expand the store count to 116 by FY30 and increase sales by three times.
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