Isha Ambani, Director of Reliance Retail Ventures Limited (RRVL), on Monday addressed the Reliance AGM 2024 and announced that the company will foray into luxury jewellery business soon.
She said, "We have ambitious plans to enter the luxury jewellery segment with a curated, design-led experience and are exploring the fashion jewellery and accessories segment to broaden our market reach."
She talked about other plans for Reliance Retail and stated that in Beauty, the RIL arm is building its presence through an omni-channel strategy across multiple formats, like Tira, Sephora, Kiko Milano, and Blushlace.
Talking about Reliance Retail’s annual growth, she said it recorded Gross Revenue of Rs 3,06,848 crore ($36.8 billion), a growth of 17.8% over last year.
She added that the company also opened 1,840 new stores this year, bringing total store count to 18,836 stores, with a retail space of 79 million square feet in total.
According to Isha Ambani, Reliance Retail during this year undertook an equity fund raise of Rs 17,814 crore ($2.1 billion), achieving a valuation milestone of USD 100 billion.
“We continued our trajectory of strong profit growth, registering an EBITDA of Rs 23,082 crore (US$ 2.8 billion), up 28.4% YoY,” she said.
She added that the reliance retail stores witnessed over a billion footfalls, and they had more than 1.25 billion transactions across our channels.
Isha added that the registered customer base crossed a milestone of 300 million customers, nearly the population of the US.
