Reliance Retail, India’s premier retailer, has set an ambitious target to double its business within the next three to four years, Director Isha Ambani announced at Reliance Industries’ Annual General Meeting (AGM).
Reliance Retail reported a gross revenue of Rs 3.06 lakh crore ($36.8 billion) for the financial year ending March 31, 2024, marking a 17.8 percent growth compared to the previous year.Isha Ambani expressed confidence in achieving the goal, saying, “With the strong foundation we have built, I am confident that we will achieve our goal of doubling our retail business in the next 3-4 years.”
According to a PTI report, during the RIL AGM, Reliance Chairman Mukesh Ambani highlighted Reliance Retail’s global standing, ranking among the top-5 retailers worldwide in terms of store count and among the top-10 in market capitalization.
The company also ranks among the top-30 retailers globally in terms of revenue. Mukesh Ambani further revealed that Reliance Retail opened 1,840 new stores during the year, bringing the total store count to 18,836, with a combined retail space of 79 million square feet.
Also Read | Reliance AGM 2024 Highlights: Mukesh Ambani announces RIL Board of Directors to meet for 1:1 bonus shares; big focus on AI
Additionally, the retail business raised Rs 17,814 crore (USD 2.1 billion) at a valuation of USD 100 billion.
Isha Ambani emphasized Reliance Retail’s exceptional performance in various segments, particularly in grocery, where the company has become the largest and one of the fastest-growing retailers, expanding at a rate 2.5 times faster than the rest of the modern trade.
She attributed this growth to the company’s focus on smaller towns, where over two-thirds of their new stores are being established. In many of these markets, Reliance Retail is the first modern retailer to establish a presence.
Regarding Reliance Retail Consumer Brands, Isha Ambani stated that the business is dedicated to creating high-quality products at affordable prices to drive increased consumption across India.
The company has re-launched several popular brands, including Campa, Lotus Chocolates, and Sosyo. The initial success of these brands has given Reliance Retail confidence in its strategic direction.
Reliance Retail reported a gross revenue of Rs 3.06 lakh crore ($36.8 billion) for the financial year ending March 31, 2024, marking a 17.8 percent growth compared to the previous year.Isha Ambani expressed confidence in achieving the goal, saying, “With the strong foundation we have built, I am confident that we will achieve our goal of doubling our retail business in the next 3-4 years.”
According to a PTI report, during the RIL AGM, Reliance Chairman Mukesh Ambani highlighted Reliance Retail’s global standing, ranking among the top-5 retailers worldwide in terms of store count and among the top-10 in market capitalization.
The company also ranks among the top-30 retailers globally in terms of revenue. Mukesh Ambani further revealed that Reliance Retail opened 1,840 new stores during the year, bringing the total store count to 18,836, with a combined retail space of 79 million square feet.
Also Read | Reliance AGM 2024 Highlights: Mukesh Ambani announces RIL Board of Directors to meet for 1:1 bonus shares; big focus on AI
Additionally, the retail business raised Rs 17,814 crore (USD 2.1 billion) at a valuation of USD 100 billion.
Isha Ambani emphasized Reliance Retail’s exceptional performance in various segments, particularly in grocery, where the company has become the largest and one of the fastest-growing retailers, expanding at a rate 2.5 times faster than the rest of the modern trade.
She attributed this growth to the company’s focus on smaller towns, where over two-thirds of their new stores are being established. In many of these markets, Reliance Retail is the first modern retailer to establish a presence.
Regarding Reliance Retail Consumer Brands, Isha Ambani stated that the business is dedicated to creating high-quality products at affordable prices to drive increased consumption across India.
The company has re-launched several popular brands, including Campa, Lotus Chocolates, and Sosyo. The initial success of these brands has given Reliance Retail confidence in its strategic direction.
