Reliance Retail Turnover Swells By 48% In H1
Filed Under: Business | Posted: 10/16/2012 at 5:17AM
Comments | Region: India
A 48% growth in turnover by MukeshAmbani led Reliance Retail during the first half of the financial year 2013 manifests a booming phase for company ahead. The retail segment reported an increase in turnover to Rs. 4910 crore($928 million), drawing a parallel with the same period of the previous year. The company embraced an aggressive growth patternby launching a chain of new stores unbeaten by the sluggish economy. In thepress release announced declaring the same, it mentioned its products of high quality and reasonable prices, as the reason for their growth and progress in the same stores, from 5% to 25% across all formats.
It also mentioned that they had added momentum to their growth in value formats by opening two new Reliance Marts in Coimbatore and Aurangabad, augmenting the position of the company as the largest food retailer in the country.Besides, Reliance Trends, the segment that caters to fashion apparels and accessories specialty concept along with Reliance Digital, the technological arm of the segment together attained the 100-store club milestone during this phase.
Sources also claimed that every concept of the segment has been embarking upon expansion. The company also inked some remarkable partnership with some renowned brands like Grand Vision, operator of Vision Express paved way for the launch of 10 new stores increasing the store count to 172 stores. Its collaboration with Dune and Stuart Weitzman also added impetus to its growth by offering the consumers the best choice of the brands.
The company’s loyalty program ‘Reliance One’ garnered around 11 million members who have shopped across more than1350 stores in 122 cities, across the country, covering an area of 7 million square feet.
In the annual General Meeting, RIL Chairman and MD MukeshAmbani stated that he deems the retail segment of the company to be its growth engine that will pull revenue for the company in the long run. He also claimed that he would eye a revenue of Rs.40, 000crore to Rs.50,000 crore in the next three to four years. The surge in the turnover by 48% assures that the company is nearing its target.