New Delhi: Reliance Retail, a subsidiary of Reliance Industries, has announced plans to enter the luxury jewellery market and expand its presence in the fashion jewellery and accessories segment. The company aims to double its retail business within the next 3-4 years.
Reliance Retail, which operates over 18,000 stores across India, has achieved significant growth in recent years. Its gross revenue reached Rs 3.06 lakh crore (USD 36.8 billion) in the financial year ending March 31, 2024.
Isha Ambani, Director of Reliance Industries, highlighted the company’s strategic focus on expanding into new segments and strengthening its market position. The luxury jewellery segment, with its emphasis on curated, design-led experiences, presents a promising opportunity for Reliance Retail.
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In addition to the luxury jewellery segment, Reliance Retail is also exploring opportunities in the fashion jewellery and accessories market. The company aims to offer a diverse range of products to meet the evolving preferences of Indian consumers.
Reliance Retail’s existing business segments have also demonstrated strong growth. The grocery segment, in particular, has emerged as the largest and fastest-growing retailer in the market. The company’s expansion into smaller towns and cities has been a key driver of its success.
Reliance Retail’s consumer brands business has also shown promising results. The company has successfully relaunched popular brands like Campa, Lotus Chocolates, and Sosyo. This indicates that its strategy of creating quality products at affordable prices is resonating with Indian consumers.
To support its growth ambitions, Reliance Retail is investing in various initiatives, including expanding its online grocery delivery service, establishing convenience stores, and investing in brands. The company’s strategic focus on expansion, innovation, and customer-centricity positions it well for continued growth and success in the Indian retail market.
