 "Reliance Retail eyes 2x rise in biz, luxe jewellery foray: Isha Ambani")
India’s largest retailer aims to strengthen its market position by targeting a doubling of its business in the next three to four years, according to Isha Ambani, executive director of Reliance Retail Ventures, speaking at the annual general meeting.
In 2023-24, Reliance Retail’s gross revenue reached Rs 3.06 trillion, marking a 17.8 per cent increase over 2022-23.
Isha also announced the company’s ambitious plans to enter the luxury jewellery segment. “We plan to enter the luxury jewellery market with a curated, design-led experience and are exploring the fashion jewellery and accessories segment to broaden our market reach,” she said.
She noted that the company’s jewellery business is expanding its design capabilities to offer products tailored to specific occasions and regional tastes, launching both regional and national collections.
On the topic of beauty, Isha mentioned the company’s omnichannel strategy through various formats such as Tira, Sephora, Kiko Milano, and Blush Lace.
“We are also enhancing our beauty and personal care offerings across our existing formats — grocery, fashion, and pharmaceutical — both online and offline. Our investment in Insight Cosmetics is enabling us to create our brand portfolio,” she added.
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She highlighted the company’s investments in brands like KalaNiketan, Zivame, Clovia, Amante, and Urban Ladder, which have solidified its presence in these categories. Avaasa, Netplay, and DNMX each surpassed Rs 2,000 crore in annual sales last year, while John Players and Teamspirit crossed Rs 1,000 crore.
Regarding the grocery business, Isha said that 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. Simultaneously, we are selectively expanding our premium formats, Fresh Signature and Freshpik, in large cities, continually innovating to enhance the consumer experience,” she said.
Mukesh Ambani, chairman and managing director of Reliance Industries, said that Reliance Retail ranks among the top five global retailers by the number of stores, among the top 10 by market capitalisation, among the top 20 by number of employees, and among the top 30 by revenues.
He said, “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, including about 19,000 stores with nearly 80 million square (sq.) feet (ft) across over 7,000 cities, 4 million kirana partners, and a range of digital platforms providing nationwide access.
“We have built an extensive and efficient supply chain with a 32 million sq. ft warehouse network to support our pan-Indian operations,” he said.