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Only The Fittest Will Survive In The Indian Fashion Industry: Reliance Retail’s Akhilesh Prasad
- Reliance Retail, the retail arm of Reliance Industries, with plans to double its sales over the next couple of years continued to be the driving force behind the group’s growth.
- RE operating in a diverse range of sectors was able to reflect its efforts by integrating online and offline channels with a revenue increased by 6.6% YoY in Q1 FY25.
- As per reports, Reliance Retail contributes 18% of the total Q1 FY25 revenues, with digital commerce and new commerce businesses.
- Reliance Retail faced headwinds due to a fall in discretionary spending of users in the fashion and lifestyle segments.
- The focus of Reliance Retail remains on expanding the store count and digital presence to cash in on growth opportunities in India's evolving retail space.
- Reliance Retail seems to have its sharp focus on fashion and lifestyle. The Company is actively scaling its presence in this segment with an expanding portfolio of brands, including Yousta, Azorte, and Gap.
- Reliance Retail signed an agreement with ASOS to bring the brand to India, challenging the dominance of Myntra in the GenZ space and the emergence of D2C fast-fashion brands.
- Akhilesh Prasad, president, and CEO of Reliance Retail Fashion & Lifestyle, stated that consumers are very aware of fashion, and they welcome competition.
- Reliance Retail aims to be present in each segment, and its goal is to reach every customer, whether it’s a clerk’s son in a small town or someone in South Bombay.
- Reliance is looking to leverage AI and data analytics to improve customer experience by moving towards full automation in fashion.
- The Company seeks to add categories like beauty and personal care to provide a complete range of youth offerings.
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