Reliance Retail fastest growing globally: Deloitte

Mukesh Ambani-led Reliance Retail has topped the list of ‘50 Fastest-growing retailers globally between FY2013-2018’ in the Deloitte’s Global Powers of Retailing 2020 index. The Indian retailer had ranked sixth in 2019.

Deloitte ranked 250 firms globally in its annual report based on their revenues for FY2018. The Indian retail major secured the 56th spot this year against the 94th rank the previous year. Reliance recorded a growth of 55.8 per cent CAGR.

According to the report, Reliance Retail is the only Indian company to be featured in it. More than half the retail companies were from Japan, and almost a quarter are in China and Hong Kong.

Reliance Retail reported net revenue of ₹45,327 crore for the Q3 of FY20 compared with ₹35,577 crore in the corresponding previous quarter, and a growth of 27.4 per cent. Reliance Retail’s Q3 customer base grew by 42.6 per cent over the same period last year.

Reliance Retail has also become the first Indian retailer to operate over 10,000 stores in the country. “Factors that enabled the company to achieve the top spot were a strong focus on boosting e-commerce growth through its website, Ajio.com; a push for sales of smartphones and other consumer electronics online and other consumer electronics online; an aggressive pricing strategy across its offline stores; the acquisition of Hamleys, UK-based toy retailer; and new store openings,” the report stated.