Reliance Retail Aims to Double Business in Next 3-4 Years, Says Isha Ambani

Reliance Retail plans to double its business within the next three to four years, according to Director Isha Ambani. For the financial year ending March 31, 2024, the retailer recorded a 17.8% growth in gross revenue. The company plans to focus on smaller towns and creating high-quality, affordable products.

Country's leading retailer Reliance is aiming to double its business in the next three to four years, its Director Isha Ambani announced at the AGM.

For the financial year ending March 31, 2024, Reliance Retail reported gross revenue of Rs 3.06 lakh crore (USD 36.8 billion), marking a 17.8% growth over the previous year.

''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,'' Isha Ambani stated.

Addressing the AGM, Reliance Chairman Mukesh Ambani highlighted that Reliance Retail is now among the top-5 global retailers by the number of stores and among the top-10 globally by market capitalization.

Mukesh Ambani added, ''We opened 1,840 new stores this year, increasing our total store count to 18,836 with a retail space of 79 million square feet.''

The retail business also raised Rs 17,814 crore (USD 2.1 billion) at a valuation of USD 100 billion.

Within segments like grocery, Isha Ambani noted that Reliance Retail is not only the largest but also among the fastest-growing retailers, expanding at 2.5 times the rate of the rest of modern trade.

''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 added.

Regarding Reliance Retail Consumer Brands, Isha Ambani said the focus remains on producing high-quality, affordable products to increase consumption across India.

''We have re-launched several popular brands like Campa, Lotus Chocolates, and Sosyo. The early success of these brands gives us confidence,'' she concluded.

(With inputs from agencies.)