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Mukesh Ambani's Reliance Retail wing to hire 85,000 over 5 yrs, eyes 50% growth

Jun 07 2013, 16:38 IST
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Summaryfe Bureau Mumbai, June 6: Reliance Industries’ (RIL) organised retail business — whose revenues crossed the R10,000-crore mark in FY13 — will increase its employee base to 1,20,000 over the next five years, from the 35,000 employees it currently has, chairman Mukesh Ambani said on the sidelines of the company's annual general meeting on Thursday. The company is also eyeing 50% growth across all formats. "Our retail business would undertake multi-fold growth in the next few years by delivering over 50% revenue increase in various formats year-on-year and is on its way to achieve the revenue target of R40,000 crore to R50,000 crore as shared by me in our last AGM," Ambani said. The retail business saw same-store-sales growth of 7-18% across formats during FY13. The company added 184 stores across formats, bringing total store count to 1,466. The company's earnings before depreciation, interest and tax stood at R78 crore for the year ended March 31, 2013. It had posted a loss of R340 crore in FY12. "Our multi-format strategy is paying huge dividends with most of the formats having positioned themselves as market leaders and poised for strong growth in the future," Ambani added. Reliance Retail is also increasing its exposure to the high-margin fashion business, away from its value format business. It opened 95 fashion and lifestyle stores, and only 10 value retail stores during FY13. Overall, the company had 760 value retail stores and 448 fashion and lifestyle stores across the country as on March 31, 2013. Value format stores contribute about 56% to Reliance Retail’s revenue, and the format accounts for roughly half of Reliance Retail's store strength, according to an analyst presentation made by RIL. Reliance Retail's value format stores are now the largest grocery retailers in the country. The company's fashion and lifestyle stores contribute 15% of the total revenue, and account for 30% of the company's total store strength.

Reliance Industries' (RIL) organised retail business — whose revenues crossed the R10,000-crore mark in FY13 — will increase its employee base to 1,20,000 over the next five years, from the 35,000 employees it currently has, chairman Mukesh Ambani said on the sidelines of the company's annual general meeting on Thursday.

The company is also eyeing 50% growth across all formats. "Our retail business would undertake multi-fold growth in the next few years by delivering over 50% revenue increase in various formats year-on-year and is on its way to achieve the revenue target of R40,000 crore to R50,000 crore as shared by me in our last AGM," Ambani said.

The retail business saw same-store-sales growth of 7-18% across formats during FY13. The company added 184 stores across formats, bringing total store count to 1,466. The company's earnings before depreciation, interest and tax stood at R78 crore for the year ended March 31, 2013. It had posted a loss of R340 crore in FY12.

"Our multi-format strategy is paying huge dividends with most of the formats having positioned themselves as market leaders and poised for strong growth in the future," Ambani added.

Reliance Retail is also increasing its exposure to the high-margin fashion business, away from its value format business. It opened 95 fashion and lifestyle stores, and only 10 value retail stores during FY13. Overall, the company had 760 value retail stores and 448 fashion and lifestyle stores

across the country as on March 31, 2013.

Value format stores contribute about 56% to Reliance Retail’s revenue, and the format accounts for roughly half of Reliance Retail's store strength, according to an analyst presentation made by RIL. Reliance Retail's value format stores are now the largest grocery retailers in the country. The company's fashion and lifestyle stores contribute 15% of the total revenue, and account for 30% of the company's total store strength.

The company is also eyeing 50% growth across all formats. "Our retail business would undertake multi-fold growth in the next few years by delivering over 50% revenue increase in various formats year-on-year and is on its way to achieve the revenue target of R40,000 crore to R50,000 crore as shared by me in our last AGM," Ambani said.

The retail business saw same-store-sales growth of 7-18% across formats during FY13. The company added 184 stores across formats, bringing total store count to 1,466. The company's earnings before depreciation, interest and tax stood at

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