Reliance Retail operates an integrated network of stores, digital commerce and new commerce platforms. Reliance Retail is India’s largest retailer and is committed to delivering exceptional value to our customers while driving sustainable growth for our business and stakeholders in the ecosystem.
It is the only Indian retailer to feature among the top 100 global retailers and ranks in the list of fastest growing retailers globally.
Subramaniam V.
Isha Ambani
Akash Ambani
Anant Ambani
Bhakti Modi
Ashwin Khasgiwala
Dinesh Taluja
Akhilesh Prasad
Darshan Mehta
Vineeth Nair
Damodar Mall
Brian Bade
Kaushal Nevrekar
Badal Bagri
Sandeep Varagant
Sunil Nayak
Bijay Sahoo
Gulur Venkatesh
It gives us immense pride to note the continued fast-paced growth of our retail business. Our commitment to innovation, customer-centricity, adaptability, and relentless focus on delivering exceptional experiences continues to propel us to greater heights. We accomplished several milestones during the year as we cater to a wide customer base across the country and growing.
We remain resolute in our vision to redefine India’s retail landscape and shape the future of commerce in partnership with the traditional merchants by leveraging emerging technologies and embracing new opportunities. Together, we will continue to exceed expectations, inspire creativity, and bring joy to our customers’ lives through our ever-evolving retail ecosystem.
VISION
To be the most admired and successful retail company in India that enhances the quality of life of every Indian.
MISSION
- Provide millions of customers with unlimited choice, outstanding value proposition, superior quality and unmatched experience across the full spectrum of products and services.
- Serve the entire spectrum of Indian society i.e. from households, kiranas and merchants, to small and medium enterprises and institutions.
- Reach the length and breadth of the country through our physical and digital distribution platforms.
- Be the partner of choice and enable win-win opportunities for producers, small and medium enterprises, brand companies and global suppliers.
- Generate direct and indirect employment opportunities with skill transformation and talent development on an unprecedented scale.
COMPETITIVE MOAT
Largest consumer touchpoints through an integrated network of Stores, Digital and New Commerce platforms
Best in class technology adoption driving operational efficiencies. AI/ML driven decision-making models help in improving customer experience.
Reliable and efficient supply chain network spread across the length and breadth of the country.
Deep understanding of evolving consumer taste and preferences.
Wide supplier network involving MSMEs, regional, national and international suppliers and manufacturers providing high quality products of best value that enhances customer proposition.
Diverse retail concepts serving greater than 90% daily needs of Indian households.
A nurturing, inclusive and high-growth work environment that enables its employees to serve customers and communities better.
Partner of choice for international brands with a portfolio of global brands straddling across premium, bridge to luxury, luxury and Indian designer wear.
Straddling the value chain to offer best value to all stakeholders.
Reliance Retail’s operating model straddles across the retail value chain to unlock significant value for all the stakeholders.
Trusted Partners
Helping merchants thrive across the consumption baskets of electronics, fashion, grocery and pharmacy with supply of products at competitive prices, tech solutions and ancillary revenues.
Analytics
Leveraging customer insights and design expertise to build strong brands and deliver exceptional customer experience.
Vendor Development
Creating an inclusive ecosystem by nurturing a network of producers, MSMEs, local manufacturers, and regional/national brands.
Better Experience
Delivering a seamless shopping experience with the largest assortment of quality products, multiple easy payment options, and tech-enabled omnichannel capabilities.
Pan-India Network
Providing the widest reach and efficient last-mile delivery, leveraging technology for seamless logistics.
ACQUISITIONS AND PARTNERSHIPS 
Strengthening Capabilities through Acquisitions/Partnerships
INDUSTRY OVERVIEW
Indian economy has witnessed a smart recovery in FY 2022-23 with the waning of the pandemic ahead of many nations and has positioned itself as the fastest growing large economy in the world. Despite the macro-economic and geopolitical challenges faced this year, India has been a bright spot and a major engine of growth for the world. This is driven by private consumption and capital formation through significant investments in infrastructure development and ease of doing business. Favourable demographics, rising income levels, rising share of urbanisation, access to better education and aspirational lifestyle are some of the factors driving consumption growth in the country. These trends are a force multiplier for the Indian retail sector which currently stands at over $800 billion and is expected to grow at 11% CAGR to become a $2 trillion market by 2030.
EMERGING TRENDS AND BUSINESS RESPONSE
Customers across ‘Bharat’
to drive next growth phase
Reliance Retail operates over
two-third of its network of stores
in Tier II and beyond towns with
operations in over 7,000 towns
across the country.
As India moves towards
digital economy, shoppers
expect multiple payment
options and flexible payment
schemes
Reliance Retail offers a wide
variety of payment options and
financing partner credit schemes that
offer better convenience and value to
customers. During the year, Reliance
Retail became the first retailer in India
to adopt digital rupee.
Social Commerce is on an
uptrend across the world
Whatsapp is one of the most
popular messaging platforms in India
with
~500 million users. JioMart
has partnered with Whatsapp to
launch first-ever
end-to-end shopping
experience. Customer can now shop
at JioMart using WhatsApp platform
making it easier and more accessible
to them.
Experiential retail becomes
mainstream
More customers expect
personalised, omnichannel and tech
driven store experience. Reliance
Retail is committed to offer the most
enjoyable shopping experience to its
customers. During the year, Reliance
Retail launched Azorte, a premium
fashion & lifestyle retail format. Azorte
has several industry-first technology
enabled features including mobile
checkout, smart trial rooms, fashion
discovery stations and self-checkout
kiosk which will take the shopping
experience to a new level.
Beauty and Personal
care industry set to grow in the
coming years
Indian Beauty & Personal care
market at $23 billion is the 8th largest
in the world and is the fastest growing
consumer market. To serve this
growing opportunity, Reliance Retail
launched its beauty format Tira that
offers a vast collection of national
and international brands in makeup,
wellness, personal care, skincare,
men’s beauty and luxury items.
Megatrend Business response
STRATEGIC PRIORITIES
Continue to expand reach into Tier 2 and 3 markets through store network expansion
Scale up Digital Commerce and new commerce businesses by offering widest catalogue and superior value
Strengthen product and design ecosystem to build exclusive range of products under own brands that are high quality and offer better value to customers
Strengthen supply chain infrastructure to efficiently deliver products across the country
Build new capabilities by strategic acquisition and partnerships with international and Indian brands
PERFORMANCE UPDATE
Revenue has grown by 30.4% Y-o-Y and EBITDA has grown by 44.7% Y-o-Y led by broad based growth across consumption baskets.
The business delivered robust LFL growth across consumption baskets on the back of high footfalls and conversions.
With focus on store network expansion, the business grew its store footprint across consumption baskets. This year the business opened over 3,300 stores. The year reflects an unprecedented growth of retail footprint as business has added 25 million sq ft store area representing more than 50% growth of retail space Y-o-Y.
Investments in boosting supply chain infrastructure remained a priority to deepen warehousing and fulfillment capabilities with addition of 12.6 million sq ft of warehouse space during the year.
BUSINESS PERFORMANCE
Consumer Electronics
Reliance Retail is the largest consumer electronics retailer in the country across Reliance Digital, and MyJio Store formats.
Consumer electronic purchase journey often necessitates demonstration, installation, maintenance and after sales service. Reliance Retail operates differentiated store concepts that are centred around ‘Service’, ‘Solution’ and ‘Consumer Experience’. The store offers an assisted shopping experience by well trained staff who simplify product complexities, thus making the shopping journey easier for consumers.
The business has a strong digital commerce reach through reliancedigital.in and JioMart. The own brands business offers a range of products under own brands and exclusive license arrangements with key national and international brands. JioMart Digital (JMD), the New Commerce business, has a strong value proposition and has partnered with a large number of merchants across the country.
Strategic Progress
- Reliance Digital and MyJio stores continued to deliver industry leading growth led by higher footfalls and conversions.
- The business maintained its growth uptick on all key regional and national festivals with Navratri, Diwali, New Year, Republic Day and Harvest festivals being the notable ones.
- Own brands business scaled up further, led by new product launches and deeper distribution reach.
- JMD business witnessed a strong growth with merchant partner base growing 3X Y-o-Y.
- resQ, the service organisation, delivered robust growth during the year led by expansion in service plans, categories and addition of service centers.
Store and Service Concepts
Largest big-box electronics chain with widest range of national and international brands
Mobility and communication speciality store
Consumer electronics after sales service provider
Digital and New Commerce
Digital platform with omni-channel capabilities
New commerce channel
Fashion and Lifestyle
Reliance Retail is the largest fashion and lifestyle retailer in India and has adopted a multi-format approach to serve its customers through diverse formats catering to value, premium, bridge to luxury and luxury segments.
Reliance Retail’s fashion and lifestyle operations are vertically integrated with interventions across the fashion value chain from designing to fabric sourcing, logistics and distribution. It has thus created a robust “yarnto-wardrobe” operating model, with a strong portfolio of own brands, helping it to quickly adapt to emerging fashion trends.
As India’s leading value fashion chain, its flagship format, Trends commands a market leadership position and is democratising fashion. The brand has further extended itself to launch specialised store concepts focusing on the need for specific categories through Trends Men, Trends Women, Trends Junior and Trends Footwear.
The business operates Ajio the leading digital commerce fashion destination in the country that offers curated collections across thousands of national and international brands as well as a wide collection of own brands across product categories.
The Fashion & Lifestyle portfolio comprises of wide number of concepts specialising in different categories to cater to customer requirements such as Avantra by Trends and Kalanikethan (saree), Portico (home furnishings), Urban Ladder (home furniture), Zivame, Clovia, Amante (lingerie), Hamleys (toys), Reliance Jewels (jewelry) and more.
Reliance Brands has a portfolio of partner brands that spans across the entire spectrum of luxury, bridge to luxury, high–premium and high–street lifestyle and is a partner of choice for international brands.
The new commerce business through Ajio Business has partnered with merchants across the country and is providing them with access to wide bouquet of high-quality fashion merchandise with a strong value proposition.
Store Concepts
Market leader in value fashion retail
Multi-brand family footwear retail chain
Destination for fine jewellery with 100% purity guarantee
Partner to international brands offering global shopping experience in India
Footwear speciality store
Apparel departmental store
International toys retailer
Leading saree and ethnic wear retailers
Value Fashion retailer
Experiential apparel speciality store
... and many more.
Digital and New Commerce
India’s leading fashion and lifestyle platform
India’s leading online luxury destination for fashion and lifestyle brands
New Commerce fashion and lifestyle platform
Omni-channel furniture and décor retailer
Intimate wear speciality retailer
Strategic Progress
- Largest network of stores across the country with the widest reach in Tier 2 and Tier 3 towns.
- Ajio continued to scale to new highs as it strengthened its catalogue and attracted millions of customers on its platform through exciting offers.
- Partner Brands business tied up with several marquee international brands during the year to bolster its portfolio.
- The business launched and scaled many new formats to serve diverse customer segments during the year. These include Azorte, Centro, Fashion Factory GAP, Portico and more.
- Own brand portfolio grew from strength to strength with introduction of new brands targeting various customer cohorts.
- Business continued its focus on securing the textile value chain and scaling manufacturing infrastructure by setting up Design labs, Quality labs, Sampling and R&D Centres across the country.
- Jewels launched several national and regional collections during the year.
Grocery
Reliance Retail is the largest grocery retailer in the country and operates multiple formats of Reliance Smart Superstore, Smart Point, Smart Bazaar, Fresh Signature, Freshpik and 7-Eleven stores, each with a unique value proposition. These stores serve the daily and monthly shopping needs for essentials, fresh produce, general merchandise and more at an unbeatable value proposition in a modern and friendly shopping environment.
Investments in developing an end to end value chain for fresh produce has improved product quality, supply stability and sourcing efficiencies for the grocery business which are served through a network of collection centres and processing centres.
Through its New Commerce initiative, Reliance Retail is investing in infrastructure that links producers with small merchants and consumers to create a winning partnership model. Lakhs of merchant partners have joined the platform and are benefiting from this inclusive initiative.
Store Concepts
Value destination with wide assortment that meets customers’ monthly needs with an ‘Every Day Low Pricing’ promise
Multi-purpose neighbourhood stores with SMART’s price promise
Tamil Nadu based Value format chain
Freshpik, a gourmet shopping destination offering delicacies from India and the world
Neighbourhood store offering premium merchandise selection
Iconic chain of convenience stores serving snacks, beverages and daily essentials
New Commerce Platform
Empowering merchant partners by providing them with wide and quality assortment, competitive pricing, next-day delivery and seamless customer support and service
Strategic Progress
- Reliance Retail’s stores led by Smart and Smart Bazaar formats witnessed strong growth arising from store expansion and volume growth in existing stores.
- Business delivered fastest pace of store opening in the industry.
- Continued focus on premiumisation in assortment pushed order size and value and improved the shopping experience for customers.
- There was a broad based growth across categories with sustained uptick in contribution of non-food categories.
- The business has partnered with many small and medium scale entrepreneurs in branded food segment and helping them to grow their presence Pan-India.
- Grocery new commerce business continued to grow rapidly with expansion of its merchant partner network across geographies.
Consumer Brands
Reliance Retail has developed an extensive portfolio of brands that provide a wide range of quality offerings across various categories such as staples, food, FMCG, home and personal care, and general merchandise.
Strategic Progress
- Consumer brands business is on a strong growth path with all categories performing well.
- Consumer brands bolstered its portfolio by acquiring many revered brands such as Campa, Sosyo, Lotus chocolates, Raskik, Toffeeman during the year.
- Successful launch and scale up of Independence brand, which provides Indian consumers locally developed, quality products at affordable prices.
JioMart and Milkbasket
JioMart is a cross-category e-commerce platform for Grocery, Electronics, Fashion, Home & Kitchen, Jewellery, Beauty and more, that is making shopping easier, faster and more convenient than ever before. Milkbasket is a subscription business that enables daily subscription of essential products for households.
Cross-category e-commerce platform offering a wide assortment of products across grocery, fashion, electronics, home, pharma and more
India’s leading subscription based daily micro-delivery service
Strategic Progress
- JioMart had a broad based growth across all town classes and is considered to be an online shopping destination by millions of families.
- The platform strengthened its capabilities by augmenting the catalogue size and seller base multi-fold during the year.
- The business launched JioMart on WhatsApp native app during the year, a novel and disruptive initiative that brings the simplicity of instant chat service to the online shopping experience to millions of consumers.
- JioMart continued to augment non-grocery category contribution to its platform. Introduction of Consumer Electronics, Trends, Hamleys and Urban Ladder merchandise on the platform has expanded the product offerings.
- Milkbasket doubled its business over the previous year and enjoyed trust of millions of families.
Pharma
Reliance Retail operates Netmeds, a chain of pharmacies and digital commerce platform, creating a seamless online-offline experience for customers seeking prescription medicines, beauty essentials, OTC products, Ayush wellness and more.
Netmeds.com is a leading online health and wellness portal for affordable, authentic medicines, diagnostic services, wellness and beauty products
Netmeds Wholesale is a comprehensive, one-stop B2B supplier serving pharma and non pharma needs of local pharmacies
Strategic Progress
- The pharma consumption basket delivered robust revenue growth across all channels.
- The Hyperlocal operating model supported faster and reliable supply capabilities giving the omni-channel benefit to customers.
Connectivity
Reliance Retail serves as the master distributor for Jio connectivity services, which are sold through a network of MyJio and Digital stores.
Additionally, it has partnered with a wide network of retailers throughout the country to provide best in class service of activations, recharges, devices availability and after sales service
CASE STUDY
Conscious Culture Festival at Jio World Drive, Mumbai
The Conscious Culture Festival at Jio World Drive was an innovative and visionary initiative aimed at promoting sustainable prosperity by fostering a culture that provided a new positive vision for the future. A twoday immersive event held between March 4 and 5, 2023 at the Jio World Drive in Mumbai, was carefully curated to inspire and influence change in the community. The festival provided a platform for trade, art, networking, collaborations and learning opportunities in a sustainable lifestyle space. The objective of the festival was to inspire people to build conscious habits by delivering experiences that demanded mindful actions and exposing them to the best conscious homegrown brands across fashion, food, home & beauty. Alongside, talks and workshops were held on upcycling techniques, plant care and games conducted such as Sustainability Pictionary. The event production was designed to be carbon conscious, with focus on the usage of sustainable materials and efficient waste management, ensuring the festival’s environmental impact was minimised. The Conscious Culture Festival at Jio World Drive was a significant step towards promoting sustainability and creating awareness about the importance of conscious living.
CASE STUDY
Democratising Learning
Reliance Retail’s theme of “Democratising Learning” during the last financial year was aimed to empower employees to take control of their own development and design their careers within the Company. The focus of all learning initiatives was to create a pullbased learning culture that customises learning to employees’ preferences and enables anytime-anywhere-anyplace learning. To ensure all employees have the desired capability, the learning team works at five levels: Ready to jumpstart, Strive to perform, Aspire to grow, Equip with Future Skills, and Build Leadership Capabilities.
- The “Ready to Jumpstart” programme offers a structured learning journey for new employees, including organisational orientation, culture immersion, role-based certifications, and manager orientation. Cadre Building programmes focus on nurturing young talent and hiring and developing them.
- In the “Strive to Perform” phase, employees continuously upskill and reskill to perform effectively in their current role. Reliance Retail offers easy access to on-demand learning opportunities and a CompetencyBased Learning System (CBLS) that recommends courses based on identified competency gaps.
- The “Aspire to Grow” stage is when employees with growth potential and high performance are considered for next-level job readiness. Reliance Retail has a Competency Framework for critical roles and a structured development journey with Individual and Group Development programmes. The Company also has a Talent Mobility process to facilitate career growth by aligning individual career aspirations with organisational talent needs. More than 11,615 sessions were delivered across all businesses, with over 19,225 self-learning modules available in LMS. Employees could access over 11,000+ courses on LinkedIn Learning and 9,700+ courses on Coursera anytime, anywhere, through the Learn and Grow App.
- Reliance Retail identifies future skill requirements through business and functional needs. The Company has established structured learning academies, including the Academy of Future Skills, Data & Analytics Academy, Tech Academy, and Metaverse Learning. These academies offer courses and learning journeys to develop skills and capabilities in new-age skills, data analytics, technology, and 3D-rich learning content. We enable development of 18 Future Skills and Capabilities. Over 6,700 employees have registered for the trainings and 1,700+ employees have been already certified.
- Reliance Retail’s Leadership Development Model emphasises agility, human-centricity, inclusive growth, and high performance. The leadership development academy offers four levels of programmes based on the organisation’s leadership archetypes and 10 tenets of leadership capital to build leaders who model the desired behaviours and foster the desired culture. 400+ leaders across multiple levels went through these leadership programs.
As a testimony to our efforts to democratise learning, our employees clocked over ~1.4 crore learning hours last year.
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EMPLOYEE LEARNING HOURS IN FY 2022-23CASE STUDY
JioMart’s Crafts Mela
JioMart launched the ‘Crafts Mela’ category initiative, which has helped empower over 15,000 craftsmen from 28 Indian states by providing them with a platform to showcase their unique products to millions of customers.
Through this initiative, JioMart has helped showcase over 60,000 artisan-crafted products from over 98 indigenous crafts, fulfilling the growing demand for locally made products.
JioMart has also collaborated with three large state emporiums and government livelihood missions to ensure minimum cost of doing business for artisans, thereby supporting the livelihoods of sellers from diverse socioeconomic backgrounds.
JioMart has onboarded artisans, weavers, and micro-entrepreneurs, providing them with extensive support to them on various aspects like imaging, cataloguing, and market intelligence to help them grow their business. These initiatives are also promoting local art and culture and contributing to the country’s economic growth by empowering and supporting these artisans.
The Company will continue to engage with artisans and weavers from across India to strengthen its product portfolio that highlights the beauty of ‘Bharat’ to domestic and global customers.
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ARTISANS EMPOWEREDOUTLOOK
The Indian consumption trend is poised to remain on an upward trajectory supported by several long term sustainable tailwinds. These include a favourable demographic profile, increasing per capita income, rising aspirations supported by affordable data that has narrowed the information gap, and improved access to stores and e-commerce in rural areas that has deepened the reach of brands and closed the aspirational divide between urban and rural consumers.
Furthermore, emerging organised retail formats, digital and technological advancements, the ongoing trend of urbanisation and greater access to financing are changing the consumption landscape. With per capita GDP surpassing the critical $2,000 threshold, consumer discretionary spending is likely to trend upward, and these trends together suggest a promising outlook for the Indian retail sector.
Reliance Retail with its industry leading store network and emerging digital platforms, investments across the consumption value chain and its track record of strong execution is well poised to lead the industry in the coming decade.
CAPITALS
