Reliance Retail is on track to treble its business volume within five years according to chairman and MD Mukesh Ambani.
Describing the retail division of the giant Reliance Industries group as on a “hyper-growth trajectory” Ambani told the company’s virtual annual meeting he is committed to seeing it become one of the world’s top 10 retailers globally.
The company operates some 12,700 stores across multiple formats and brands, adding about 1500 in the last financial year.
Ambani plans to buy more consumer-oriented businesses during the next few years and boost its omnichannel capabilities.
“In the next year, we will set up design, research, technology, and innovation centres in key areas globally and nationally to develop differentiated offerings for our diverse customer groups. Second, we will further strengthen our sourcing ecosystem working closely with producers, micro, small, and medium enterprises, service providers, local and international brand companies,” Ambani said.
Online retailing is already a core focus of Reliance Retail. The company owns fashion-anchored marketplace Ajio which hosts more than 2000 brands with around 500,000 SKUs and accounts for 25 per cent of Reliance’s overall apparel business.
Reliance Retail also owns the Jiomart online grocery store which peaked at more than 650,000 orders in a single day last year.
“We are by far the leader in each category – grocery, electronics and apparel,” Ambani said.