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Isha Ambani, Non-Executive Director and head of Reliance Retail, announced the company’s plans to enter the luxury jewelry segment during Reliance Industries’ 47th annual general meeting (AGM) on August 29, 2024.
Reliance Retail aims to offer a curated, design-led experience in the luxury jewelry segment.
The company also plans to explore the fashion jewelry and accessories segment to broaden its market reach.
Reliance Retail’s jewelry business is expanding its design capabilities to offer products tailored to specific occasions and regional tastes, launching both regional and national collections.
The move will help Reliance Retail compete with new-age companies like Tata’s CaratLane and other legacy brands.
Reliance Retail recorded gross revenue of Rs 3,06,848 crore in FY24, a growth of 17.8% over the previous year.
The company aims to double its retail business in the next 3 to 4 years.
Reliance Retail opened 1,840 new stores in FY24, bringing its total store count to 18,836 with a retail space of 79 million square feet.
Reliance Retail’s foray into the luxury jewelry segment is part of its strategy to strengthen its presence across various fashion and lifestyle categories in India.
