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Reliance misses third-quarter profit estimates at $2.06 billion for the October-December quarter

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Reuters

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January 19, 2026

On Friday, India’s Reliance Industries posted an 186.45 billion rupees ($2.06 billion) profit for the October-December quarter, missing analysts’ average estimate of 196.44 billion rupees, according to data compiled by LSEG.

Reliance Retail’s youth fashion retail format ‘Yousta’ – Yousta

 
Shares of Reliance Industries fell as much as 2.7% in early trade on Monday after the conglomerate announced missing its third-quarter profit estimates, weighed down by slowing earnings growth in its retail segment. Shares of the Mukesh Ambani-led firm were trading at 1,426. 60 rupees, as of 9:41 am, and were among the top five losers on the benchmark Nifty 50 Index 
 
UBS analysts trimmed Oil-to-Chemicals(O2C) and retail estimates slightly but said they still see room for a valuation re-rating, as the company’s earnings before interest and taxes (EBIT) mix increasingly shifts toward structural growth drivers such as digital and retail, reducing dependence on the cyclical oil and gas segment. Festive discounting, investment in hyper-local delivery startups, and a one-off impact from India’s new labour code trimmed core margins at its retail unit to 8% from 8.6% a year earlier.

Retail growth softened primarily because the festive season was brought forward and due to the one-month impact of the consumer products demerger, analysts at Emkay said. Core earnings for the segment grew 1.3% to 69.15 billion rupees, compared with 9.5% growth a year earlier.
 
Reliance’s oil and gas segment weakened due to lower output and softer price realisations from its ageing KG-D6 fields, leading to an 8.4% revenue decline and a 12.7% drop in core earnings amid higher maintenance costs. Meanwhile, analysts at Systematix forecast a rise of 5%, 12%, and 9% O2C, Retail, and Jio revenue CAGR, respectively, during FY25-FY28, while a 12% decline in their oil and gas businesses.
 

© Thomson Reuters 2026 All rights reserved.



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Liberty London promotes King as its new retail MD

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January 19, 2026

Liberty London has promoted Lydia King to managing director of retail, effective immediately. She replaces Sarah Coonan who stepped down from the lead role in November, following 15-years with the high-end department store.

Lydia King

King, previously group buying and merchandising director responsible for shaping buying strategy across fashion, beauty and lifestyle divisions, will now take on the store’s wider remit.

Liberty said the appointment reflects its “focus on strengthening retail leadership while continuing to evolve its offer for a modern, international customer, without remaining rooted in its heritage of creativity, curation and cultural relevance”.

King joined Liberty from Harrods where she was fashion director overseeing womenswear, accessories, shoes and childrenswear. She also spent 13 years at Selfridges, across womenswear buying and as merchandising director.

She said of her promotion: “My focus will be on continuing to evolve Liberty’s retail experience, championing exceptional product and ensuring our flagship store remains one of the most inspiring places to shop in the world.

“Having worked closely with the teams over recent years, I’m incredibly proud of what we’ve achieved together and excited to step into this role at such an important moment for the brand.”

Copyright © 2026 FashionNetwork.com All rights reserved.



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New Balance in pie & mash shop takeover to celebrate London Marathon product launch

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January 19, 2026

Pie & mash a staple diet for marathon runners? New Balance believes so and the US sportswear giant last week took over the famed M Manze Pie & Mash shop on London’s Tower Bridge Road to celebrate the launch of its new 1080v15 footwear alongside the official 2026 TCS London Marathon Training Range.

New Balance

Some 1.3 million may have applied to take part in the 2026 TCS London Marathon on 26 April, but New Balance has designed and launched the new performance range for the 15,000-20,000 balloted participants.

So the just-released 2026 TCS London Marathon Training Range, becomes the first drop in this year’s official marathon collection.

The collection aims to provide runners with products that “celebrate the marathon journey, from first training miles to the finish line”. 

It said the release is built for the “training blocks leading to 26.2 miles” and will then be followed by the ‘Race Range’, launching  1 March.

The training range therefore offers “essential performance styles” suited to regular weekly mileage, “giving runners reliable options to use throughout their training plan, and across changeable winter-to-spring conditions”, it said.

Key pieces include the London Edition Marathon Jacket (£135), inspired by the original 1978 ‘Windcheater’ and the Athletics Heat Grid Half Zip LDN (£80) with heat technology “helping maintain warmth in cooler temperatures”. 

These sit alongside lightweight tops: the London Edition Athletics Long Sleeve (£50), London Edition Athletics T-Shirt (£45), and London Edition Race Day Ultra-Light Singlet (£75), “offering different fits and weights for a variety of runs”.

Bottoms include the London Edition NB Sleek Pocket Tight for men (£85), the London Edition NB Sleek High-Rise Legging 25″ for women, and two short styles – the London Edition RC Ultra-Light Short 3” (£45), and London Edition RC Essential Short 5” (£45).

The collection also features a bold colour palette, with all styles featuring co-branded designs and reflective details for visibility in low light, it said, with the range now available online and selected stores.

Meanwhile, the launch of the 1080v15 becomes New Balance’s “flagship neutral running shoe…positioned as the ultimate everyday trainer for marathon training and beyond”.

And finally that pie & mash connection. New Balance partnered with ‘Run The Boroughs’ (pictured above) to host a community run through the surrounding streets of Tower Bridge to mark the collection launches.

Bringing runners together from across the capital, the route “celebrated the boroughs that make up the marathon course, reinforcing New Balance’s deep connection to grassroots running culture and the communities that power it”, it said.

Copyright © 2026 FashionNetwork.com All rights reserved.



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Tod’s boss Della Valle says new law against labour exploitation needed

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Ansa

Translated by

Nicola Mira

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January 19, 2026

Tod’s boss Diego Della Valle is of the opinion that “the next step has to be proper new legislation tailored to our industry, it takes 10 days to establish what the problems are and which solutions to put forward.” He spoke after several fashion labels, including Tod’s, were placed under judicial administration. Tod’s and three of its senior executives have been investigated by the Milan prosecutor’s office for alleged labour exploitation by some of its manufacturing subcontractors.

Diego Della Valle

“If we want to solve this issue,” said Della Valle, speaking at Tod’s fashion week presentation in Milan, “we need to talk about it… if we’re keen to solve [it] we could do it very quickly. We have to understand that small artisans are powerless because they need the work, how can they monitor five stages in the supply chain?”

“We need to sit down and take the time to understand that small entrepreneurs are injured parties, and we must protect them,” continued Della Valle. “It mustn’t even cross our mind to talk about labour exploitation, ours is a world of decent people. The [current labour] law was introduced over 20 years ago to fight really serious, nasty problems existing at the time, especially in agricultural areas. We can’t have people around the world say that we don’t care about the work of others, because that’s not true,” he added. “Entrepreneurs and legislators, we have the job of sitting at a table together, with the goal of drawing up within a month a law that will apply to and protect everyone concerned,” said Della Valle.

“When I invited [RAI TV programme] Report to visit our company,” said Della Valle about the recently broadcast interview, “I was happy to do so, because I wanted them to see what our companies are like, how they work locally. Companies do many things for their communities, I don’t want to talk about myself, many other businessmen do it. Let’s show – this is what I’m asking – the nice side [of our world] too, otherwise it’s all just horrible.” Della Valle recommended that “my entrepreneur friends invite lawmakers in their local areas to show them their companies, and I’m sure we’ll all make a grand impression.”

“Dozens of workers have been with us for three generations, and they work with integrity and have solid personal principles because that’s their background. My grandfather was a shoemaker, it’s not as if we come from the moon, it’s just not part of Italian entrepreneurial culture to be exploitative. Often, when these things happen, those who’re involved in the work aren’t even aware of them,” concluded Della Valle.

Copyright © 2026 ANSA. All rights reserved.



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