Reliance Retail aims to double business in 4 yrs, enters luxury jewellery market | Mint

New Delhi: India’s largest retailer Reliance Retail aims to double its sales over the next 3-4 years, expanding across verticals such as grocery and lifestyle, its parent Reliance Retail Ventures Ltd’s executive director Isha Ambani said on Thursday.

Reliance Retail also announced plans to enter the luxury jewellery market with a brand that potentially holds global appeal.

“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, ” she said, speaking at the 47th Annual General Meeting of Reliance Industries Ltd (RIL).

While details of the brand are still being firmed up, those in the know said that the daughter of RIL’s billionaire chairman Mukesh Ambani is drawing up plans for a jewellery brand that can compete with famed luxury jewellery brands globally.

Reliance Retail Ventures Ltd is a subsidiary of RIL, and the holding company of all retail businesses under the Reliance group.

Reliance Retail operates stores straddling categories such as electronics, fashion apparel, beauty, grocery, footwear, food, jewellery, toys, e-commerce, luxury, and lifestyle. Reliance Retail also serves as the master distributor for Jio connectivity services, which are sold through a network of MyJio and Digital stores. Its e-commerce platforms include Ajio, Netmeds, Milkbasket, and JioMart.

“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,” she said.

Revenue in FY24

In FY24, Reliance Retail’s gross revenue rose nearly 18% to more than ₹3.06 trillion, from ₹2.60 trillion a year earlier. Net revenue increased 18.25% to ₹2.73 trillion. In all, Reliance Retail added 1,840 stores last fiscal year, taking the total to 18,836 outlets.

“In grocery, we are 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,” Isha said.

Reliance Retail raised ₹17,814 crore ($2.1 billion) in equity last financial year, achieving a valuation of $100 billion.

“With the acquisition of Metro India Cash & Carry, we have strengthened our omni-channel capabilities, offering a wider assortment for our kirana and HoReCa (hotels, restaurants, and catering) partners. We are delighted to have over 4 million registered kirana partners in our new commerce business, supported by a footprint of over 220 Metro stores across 200 cities,” she said.

The company also operates a consumer goods vertical that sells brands such as Campa beverages, Lotus chocolates, and Sosyo beverages.

“We have built a robust pan-India supply chain through our own facilities and strategic partnerships, allowing us to offer products at highly competitive prices. Our state-of-the-art R&D facility in Bengaluru is key to this effort, enabling us to quickly develop world-class food products and bring them to market at great speeds. This has driven strong growth across our own channels and through general trade,” she said.

Meanwhile, within fashion and lifestyle, the company’s own brands Avaasa, Netplay, and DNMX each surpassed the ₹2,000 crore annual sales milestone last year; while clothing brands John Players and Teamspirit crossed ₹1,000 crore in sales.

“In fashion and lifestyle, our vertically integrated operations—from designing and fabric sourcing to logistics and distribution—allow us to set trends and meet the diverse fashion needs of our customers across the country. We are the only fashion player in India with a significant presence in every segment of the income pyramid, from mass market to premium and luxury segments,” she said.

To keep up with this growth, the company has established 18 domestic and 3 international design centres, Isha added.

The company has made investments in brands like Kalanikethan, Zivame, Clovia, Amante, and Urban Ladder in the past few years. It has also partnered ASOS – a British online fashion retailer – and Singapore-headquartered apparel brand Shein to launch the platforms in India.