Reliance Retail targets doubling business in 3-4 years, says Isha Ambani
She added that the company’s jewels business is expanding its design capabilities to offer products tailored to specific occasions and regional tastes, launching both regional and national collections. (Photo: PTI)
The country’s largest retailer, Reliance Retail, intends to gain an even stronger hold in the Indian market as it sets its sights on doubling its business in the next three to four years, Isha Ambani, executive director of the retail arm of Reliance Industries, said at the annual general meeting.
In her speech, she said, “With the strong foundation we have built, I am confident that we will achieve our goal of doubling our retail business in the next 3 to 4 years.”
In FY24, Reliance Retail’s gross revenue stood at Rs 3,06,848 crore, a growth of 17.8 per cent over FY23.
She also said that the company has ambitious plans to enter the luxury jewellery segment.
“We also have ambitious plans to enter the luxury jewellery segment with a curated, design-led experience and are exploring the fashion jewellery and accessories segment to broaden our market reach,” Ambani said.
She added that the company’s jewels business is expanding its design capabilities to offer products tailored to specific occasions and regional tastes, launching both regional and national collections.
While discussing beauty, Ambani said the company is building its presence through an omni-channel strategy across multiple formats like Tira, Sephora, Kiko Milano, and Blushlace. “We are also enhancing our beauty and personal care offerings across our existing formats—grocery, fashion, and pharma—both online and offline. Our investment in Insight Cosmetics is enabling us to create our own brand portfolio,” she said in her speech at Reliance Industries’ AGM.
She also highlighted that the company’s investments in brands like Kalanikethan, Zivame, Clovia, Amante, and Urban Ladder have given it a strong foothold in these categories.
Its brands Avaasa, Netplay, and DNMX each surpassed the Rs 2,000 crore annual sales milestone last year, while John Players and Teamspirit crossed Rs 1,000 crore in sales.
While discussing the grocery business, Ambani said it is not only the largest but also one of the fastest-growing retailers, expanding at 2.5 times the rate of the rest of modern trade.
“Our growth is driven by our focus on smaller towns, where over two-thirds of our new stores are opening. In many of these markets, we are the first modern retailer to establish a presence. At the same time, we are selectively expanding our premium formats, Fresh Signature and Freshpik, in large cities, continually innovating to enhance the consumer experience,” she said.
The chairman and managing director of Reliance Industries, Mukesh Ambani, said that Reliance Retail is among the top five global retailers in terms of the number of stores, among the top 10 retailers in terms of market capitalisation, among the top 20 retailers in terms of the number of employees, and among the top 30 retailers in terms of revenues.
He also said in his speech at the AGM, “Our unique operating model has been the foundation of the competitive advantage and leadership position of our retail business.”
He added that the company has built multiple channels to serve customers through about 19,000 own stores with nearly 80 million sq. ft. across over 7,000 cities, 4 million kirana partners, and a bouquet of digital platforms, which provide the company access to consumers across the country.
“We have built an extensive and efficient supply chain with over 32 million sq. ft. of warehouse network to support our pan-India operations,” he added.
First Published: Aug 29 2024 | 4:53 PM IST