Reliance Industries Limited’s plan to digitise India’s kirana stores could see the country’s digitised store base increase from 15,000 currently to five million in 2023, a new Bank of America Merrill Lynch report said.
Reliance Retail witnessed 52 percent rise in its revenue for the fourth quarter ended March 2019 to Rs 36,663 crore (approx $5.25 billion) as against Rs 24,183 crore in the corresponding period of the previous year.
Reliance Industries has started to remove its clothing, footwear, and lifestyle brands from e-commerce marketplaces such as Flipkart and Amazon as it gears up to launch its own business to customer e-commerce platform.
Reliance Industries’ retail unit has acquired the menswear brand John Players from ITC Ltd. The acquisition adds around Rs 350 crore to Reliance Retail’s fashion business as ITC shifts its focus to the premium segment.
Reliance Industries Ltd plans to grow the number of low-cost Reliance Trends fashion stores across India to 2,500 from 557 over the next five years and integrate them with its online business, sources said.