Reliance Retail expects rising demand for premium and luxury products to further fuel the Indian retail market, which the country’s largest retailer has pegged as one of the fastest-growing markets in the world, expected to cross $1.4 trillion by 2027, it said in its FY24 annual report.
In its outlook, it said, “Reliance Retail’s commitment to the Indian retail sector is evident through the substantial investments made across the retail value chain over the years.”
The oil-to-telecom conglomerate also added that its retail arm remains steadfast in innovating across formats and products to improve customer experience and serve evolving consumer needs.
Mukesh Ambani, chairman and managing director at Reliance Industries, said in the report that the working population has soared to approximately 450 million, and household incomes are on an upward trajectory.
“With an increase in disposable income, the demand for goods and services is expanding rapidly. As India’s largest retailer, Reliance Retail is perfectly positioned to serve the consumption needs of our fast-growing economy,” Ambani said.
He added that its new commerce initiative is also playing an important role in supporting small indigenous merchants and kirana shop owners – the backbone of the retail supply chain.
Ambani said that its retail business continued to consolidate its leadership position through acquisitions and partnerships.
“We launched Tira, our omni-channel beauty retail platform, and undertook rapid expansion of the platform’s digital and physical footprint. Our retail store network expanded to 18,836 stores, taking the overall retail space to 79.1 million sq ft, an increase of 20.6 per cent year-on-year,” he said in the annual report.
The addition of newer features and channels on online platforms resulted in a growing share of digital and new commerce segments in revenue, he said.
During the year, it introduced ‘Swadesh’, a retail concept to promote traditional art forms, as well as artisans. “We have always believed that the demand for India’s age-old crafts is at par with prominent global brands, and our belief has been vindicated by the overwhelming response to our Swadesh stores,” he said.
He added, “Reliance Retail’s vision of inclusive development for millions of consumers and merchants, coupled with the unprecedented growth of the Indian marketplace, has resulted in marquee names investing in Reliance Retail Ventures Limited (RRVL) at a $100 billion valuation milestone.”
First Published: Aug 07 2024 | 7:24 PM IST
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