A 48 per cent growth in turnover by Mukesh Ambani-led Reliance Retail during the first half manifests a booming phase for company ahead.

The retail division reported an increase in turnover to Rs.4910 crore (US$928 million), drawing a parallel with the same period of the previous year. The company embraced an aggressive growth pattern by launching a chain of new stores unbeaten by the sluggish economy.

Reliance Retail said the two new stores in Coimbatore and Aurangabad added momentum to their growth in value formats. Besides, Reliance Trends, the apparel and accessories division, along with Reliance Digital, the online arm, together attained the 100-store milestone during this phase.

The company also inked some partnerships with some renowned brands like Grand Vision, operator of Vision Express, which paved way for the launch of 10 new stores increasing the store count to 172.

Reliance Retail says its collaboration with UK-based Dune and US designer Stuart Weitzman also added impetus to its growth.

The company’s loyalty program ‘Reliance One’ now has around 11 million members who have shopped across more than 1350 stores in 122 cities across the country.

RIL chairman and MD Mukesh Ambani said he deems the retail segment of the company to be the growth engine that will drive revenue for the company in the long run.

He also claimed that he would eye a revenue of Rs.40,000 crore to Rs.50,000 crore in the next three to four years.

GB