Reliance Industries Ltd. (RIL) declared its financial performance for the quarter ending 31st December 2023. Reliance Retail delivered Gross Revenue of Rs. 83,063 crore for 3Q FY ’24, a growth of 22.8 per cent Y-o-Y.
According to RIL, the fashion and lifestyle business has successfully executed multiple campaigns to drive customer engagement during festive and wedding seasons, regional events, winter season etc. It continued to scale up new formats including Azorte and Yousta. During the quarter, ‘Swadesh’ format was launched focusing on India’s tradition and creative expressions through the development of artisans and their art and craft forms.
AJIO continues to strengthen its catalogue and improve its value proposition. The platform added several new brands and launched new app features to enhance customer experience. AjioGram, a D2C-focused content-driven platform that onboards and supports fashion startups was launched during the quarter.
Partner Brands continued to lead the premium and luxury segment with the widest portfolio of brands. Acquisition of Sephora’s India franchise business and distribution relationship with SMCP for Sandro & Maje brands would further bolster its brand portfolio.
The lingerie business strengthened its portfolio through new launches across categories including winter collection, athleisure and loungewear. The businesses have also been expanding distribution reach through multi-brand outlets and Reliance Retail formats. Urban Ladder continued to focus on ramping up store network through exclusive brand outlets with a presence across 29 cities.
Isha M. Ambani, Executive Director, Reliance Retail Ventures Limited, said, “Reliance Retail has delivered a strong performance during the festive quarter. Our business success is intricately woven into the larger fabric of India’s economic growth, and together, we are shaping a compelling story of innovation and world-class possibilities for the future. We remain resolute in our commitment to bring high quality products at great value to our customers with an engaging shopping experience”.