Isha Ambani says Reliance Retail aims to double business…
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.
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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.