Billionaire Mukesh Ambani-backed Reliance Retail jumped 95 places to 94th rank as top 250 global retailers on Deloitte’s Global Powers of Retailing 2019 index. The latest feat by the firm owned by richest Indian businessman has been achieved on account of growth in grocery, consumer electronics, and fashion and lifestyle businesses, the report said.
Last year, the consumer arm of Reliance Industries had become the first and only Indian company to have entered the global retailers’ list last year based on its revenues for FY17.
“Reliance Retail was a new entrant in the Fastest 50 list FY2016 (released last year) and continued its rapid growth by nearly doubling its retail revenue (in local currency) in FY 2017. This was also reflected in its climb of 95 places to number 94 in the top 250,” the report released annually by Deloitte said.
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India’s largest retail chain has 9,907 stores in more than 6,400 towns and cities. The firm posted a profit of Rs 4,278 crore in the first nine months of FY19. The revenue was more than doubled to Rs 93,903 in the same period.
While Walmart retained top position, Costco and Kroger stood at 2nd and 3rd positions, respectively. Amazon stood at 4th position on the list.
“The world’s top 10 retailers contributed 31.6 per cent share to the top 250’s total retail revenue in financial year 2017, an increase of 0.9 percentage point year-on-year. The top three retailers maintained their positions, while Amazon jumped up two positions to number 4 with the highest retail revenue growth of 25.3 per cent,” the report added.
Europe has the highest number of top 250 retailers on the list.