Reliance to enter luxury jewellery segment, aims doubling retail biz in 3-4 years

Mumbai: Reliance Retail, which crossed a valuation of USD 100 billion, has plans to enter the "luxury jewellery segment with a curated, design-led experience and is exploring the fashion jewellery and accessories segment,” Reliance Industries Director Isha Ambani said on Thursday while addressing the company's AGM.

"With strong foundation we have built, I am confident that we will achieve our goal of doubling our retail business in the next 3-4 years," Isha said.

Reliance Retail, which crossed the Rs 3 lakh crore-revenue mark in FY24, is aiming to double its business in the next 3-4 years, she said. 

Now, three of Reliance Retail's private labels have crossed Rs 2,000 crore in annual sales, and a few are lined up above Rs 1,000 crore, Isha said, adding that its registered customer base crossed a milestone of 300 million.

Reliance Industries Chairman Mukesh Ambani said Reliance Retail, which operates over 18,836 stores across the country, has become among the top-5 global retailers in terms of the number of stores.

In terms of market capitalisation, Reliance Retail is among the top-10 retailers globally and top-30 in terms of revenues, he added.

It has a unique operating model, which has been the foundation of the competitive advantage and leadership position.

"We have built an extensive and efficient supply chain with over 32 million sq ft warehouse network to support our pan-India operations," he said, adding that Reliance Retail is using deep tech with real-time dashboards, integrated AI workflows to make operations AI-enabled across the value chain.

For the financial year ended on March 31, 2024, Reliance Retail recorded a gross revenue of Rs 3.06 lakh crore (USD 36.8 billion), registering a growth of 17.8% over the last year.

While sharing the segment's performance, Isha Ambani said in segments such as grocery, Reliance Retail has emerged as the largest, but also one of the fastest-growing retailers, expanding at 2.5 times the increase rate of the rest of the modern trade, she added.

"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," she said.

It is also selectively expanding premium formats, Fresh Signature and Freshpik, in large cities, Isha said.

On Reliance Retail Consumer Brands business, Isha said it is focused on creating quality products at affordable prices to drive greater consumption across India.

"We have re-launched several popular brands like Campa, Lotus Chocolates, and Sosyo. The early success of all these brands gives us confidence that we are on the right path," she added.

It is also expanding the coverage of Milkbasket -- a subscription-based online grocery delivery service to new geographies, leveraging their existing supply chain.

"We are also establishing 7-Eleven as a leading 24x7 convenience destination, offering localised fresh food and beverages tailored to the Indian palate," Isha said.

"Our investments in brands like Kalanikethan, Zivame, Clovia, Amante, and Urban Ladder have given us a strong foothold in these categories," she said, adding, "to keep up with this growth, we have established 18 domestic and 3 international design centres, ensuring our designs are locally relevant."

In the beauty segment, it is building a 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.