Reliance Retail tops Deloitte‘s list of 50 fastest growing retailers globally
RIL’s Reliance Retail has topped Deloitte’s list of the 50 fastest growing retailers in the world between the 2013 financial year and the 2018 financial year, and was the only Indian business to be featured.
Within the report, Deloitte stated that Reliance Retail moved up from sixth to first in its list of the fastest growing retailers globally from the 2017 financial year to the 2018 financial year. The firm also ranked Reliance Retail 56th in its list of the 250 top-performing businesses in the world in the 2018 financial year, up from 94th position the year before.
"Key initiatives taken by the government including liberalisation of FDI norms for select sectors; a rollback of the much-debated tax surcharge on foreign portfolio investors; incentives to support several industries; bank consolidation, the amendment of insolvency and bankruptcy code enabling the resolution of financial companies, and a significant cut in the corporate tax rate are sure to show some green-shoots in the Indian economy leading to the boost of customer confidence," said a Deloitte India spokesperson at the report’s launch, the Press Trust of India reported.
Mukesh Ambani’s multi-faceted business also became the first Indian business to operate over 10,000 stores in the country, according to Deloitte’s report. Reliance Retail announced on its website in September 2019 that it operates 10,901 stores across 6,700 Indian cities with a combined retail area of 24.5 million square feet.
The business reported a turnover of Rs 1.3 lakh crore in the 2019 financial year and has partnered with a large number of international fashion brands to open stores including for Diesel, Superdry, Thomas Pink, Kenneth Cole, Brooks Brothers, and Steve Madden, among others.
Copyright © 2021 FashionNetwork.com All rights reserved.