Fashion and lifestyle segment has contributed significantly to the growth of Reliance Industries Ltd. – India’s multinational conglomerate company.
Reliance Retail Ltd. delivered a strong performance with its best-ever quarterly revenues in a macro environment that remained challenging. Gross revenue was at Rs. 58,554 crore (US $ 7.4 billion) for Q1, FY ’23, registering a growth of 51.9 per cent Y-o-Y.
Net profit for the quarter was Rs. 2,061 crore (US $ 261 million)– higher by 114.2 per cent Y-o-Y.
This was led by higher contribution from fashion and lifestyle and consumer electronics and growing operating leverage with strong LFL growth over last year across consumption baskets.
In a statement, the company said that it consolidated its leadership position in fashion and lifestyle as it delivered a strong revenue growth of 3 times over last year– driven by regional festivities and promotions that resulted in all-time high average bill values and healthy conversions.
Men’s formalwear, women’s westernwear and footwear witnessed strong growth as offices, schools re-opened and consumers resorted to refreshing their wardrobes.
AJIO, online initiative of Reliance, continues to attract customers even as footfalls to stores returned to normative levels.
The trust for loyal customers on AJIO continues to get stronger as they get access to some of the finest and most fashionable merchandise of high quality with an engaging shopping experience on the platform. This is reflected in the shopping value which is twice for greater than 1-year customers compared to new customers who are on the platform for under 90 days.
Mukesh D. Ambani, CMD, Reliance Industries Limited, said “I am also happy with the progress of our consumer platforms. In retail business, we continue to focus on enhancing our consumer touch-points and building a stronger value proposition for our customers. Our strong supply chain infrastructure and sourcing efficiency is helping us maintain competitive pricing for daily essentials, thereby insulating consumers from inflationary pressures.”
Reliance Retail Ltd.’s merchant partner business, the platform added 660 new brands as it continued to strengthen its product offering. It introduced 14 new own brands during the quarter, increasing the share of own brands to 30 per cent, an increase of 300 bps over last year.
In the luxury/premium brands, the business grew 5 times over last year driven by fully operational mall stores and in-store events.
The business through AJIO Luxe scaled up greater than 6 times over last year with presence of nearly 400 brands and greater than 38,000 options on the platform.
With Amante, Clovia and Zivame as part of its portfolio, Reliance now caters to all the price segments across the lingerie business. The lingerie business grew nearly 5 times Y-o-Y as the businesses scaled up their online offering and offline distribution.
Also Read: Reliance Brands to bring Valentino to India; inks deal with the Italian fashion bigwig
Reliance Retail has added over 17,000 jobs during the quarter and the total employee count stands at 3,79,000.
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