Moneycontrol PRO
Open App

Reliance Retail to become largest segment in RIL family, says Mukesh Ambani

Reliance Retail, the retail arm of an oil-to-telecom conglomerate, clocked an annual turnover of Rs 2 lakh crore in the financial year 2022, Chairman Mukesh Ambani said while speaking at the company’s annual general meeting on Monday.

August 30, 2022 / 01:54 PM IST
Mukesh Ambani, chairman, RIL

Mukesh Ambani, chairman, RIL

Mukesh Ambani, chairman and MD, Reliance Industries, on August 29 said that he is hopeful of Reliance Retail, the retail arm of the oil-to-telecom conglomerate, becoming the largest segment within the group.

“I am confident that Reliance Retail and its leadership team, led by Isha, will deliver exponential growth and become the largest segment within the group,” Ambani said while addressing the company’s shareholders at the 45th annual general meeting (AGM).

Catch live updates from 45th AGM of Reliance Industries

In FY22, Reliance Retail crossed the milestone of Rs 2 lakh crore turnover, while clocking an EBITDA of Rs 12,000 crore. The company, said the chairman, is among the top ten retailers in Asia.

"Reliance Retail's purpose is to serve millions of customers every day by providing them unlimited choice, outstanding value proposition, superior quality, and unmatched shopping and delivery experience through our physical stores, merchant partner stores, and digital and omni-commerce platforms," he said.

Isha Ambani, director, Reliance Retail Ventures Ltd, discussed the performance of the company during the past year at the 45th AGM.

“We have a base of over 200 million registered customers, equivalent to the entire population of UK, France and Italy at our physical stores and digital platforms,” said Ambani.

According to Isha Ambani, the company’s digital platforms witnessed 4.5 billion visits in FY22, a jump of 2.3 times as compared to the last year. The number of orders from e-commerce platforms also jumped by 2.5 times and about nearly six lakh orders were delivered every day, she said.

“Our strategy of integrating with millions of small merchants and providing them a platform to prosper is now well proven on the ground. Since our launch two years ago, we have grown our merchant partners base to over 20 lakh partners,” she added.

The company now plans to partner with 1 crore merchants as it expands its presence across the country in the next five years.

The director also highlighted other initiatives during the year that helped its performance in the retail segment. Reliance Retail, for instance, doubled its warehousing and fulfillment space to 670 million cubic feet.

Reliance Retail also acquired several companies during the year and forged several partnerships to fill the white gaps in its portfolio. The company since 2019, has acquired as many as 17 firms from across the consumer goods space. In the year 2021 itself, it bought five companies.

“We invested in acquisitions and partnerships during the year to enter new categories, strengthen our service capabilities and extend our reach to new markets,” said Ambani.

Also read | Isha Ambani says Reliance Retail served customers equivalent to population of UK, Italy and France in 2021

The company partnered with several brands such as with US-based convenience chain 7-Eleven to open stores in India. Its step-down subsidiary Reliance Brands has also attained exclusive distribution rights to several luxury brands such as Balenciaga, Valentino, La Martina, etc. In the financial year 2021-22 (FY22), Reliance Industries spent Rs 30,000 crore on its retail arm to build capabilities through organic growth, acquisitions, and strategic partnerships.

Going ahead, the company plans to focus on enriching customer experience across digital and physical at each touchpoint using technology, said Isha Ambani.
Moneycontrol News
ISO 27001 - BSI Assurance Mark