Reliance Retail is world’s second fastest-growing retailer: Deloitte report
Mukesh Ambani’s Reliance Retail is the second fastest-growing retailer in the world, according to the 2022 Deloitte report, Global Powers of Retailing. South Korean e-commerce brand Coupang topped the list.
Reliance Retail is also the only Indian company to be featured for the fifth year in a row among the top 250 global retailers listed in the report, on the basis of its retail revenue growth in FY20.
Ranked at 56 overall, three spots below its 2021 rank, Reliance Retail posted a five-year CAGR growth in retail revenue of 49.4% from FY15-20. The company, however, did see a 5.3% fall in retail revenue in FY20, on account of the pandemic-induced lockdowns and market restrictions. The report notes that the company’s efforts to broaden its digital capabilities through expansion of its e-commerce platform, JioMart, and several key acquisitions of e-commerce businesses may have led to its growth.
Last year was an eventful one for Reliance Retail. The company entered into a franchise agreement with 7-Eleven Inc to launch 7-Eleven convenience stores in India. Furthermore, it acquired lingerie brand ‘amanté’ from MAS Holdings, and also bought a 52% stake in designer Ritu Kumar’s firm Ritika, as well as a 41% stake in Just Dial. Additionally, it ventured into the ultra-premium grocery space with Freshpik.
American retail giant Walmart has retained its position as the world’s top retailer on the Deloitte list, with Amazon and Costco placed at the number two and three spots, respectively. Seven of the top 10 retailers are American, including The Home Depot, The Kroger Co and Target Corporation. Germany’s Schwarz Group and Aldi Einkauf GmbH & Co oHG and Aldi International Services GmbH & Co oHG are placed at the fourth and eighth positions, respectively.
Globally, Europe accounts for the highest number of top 250 retailers, with 90 companies based in the region, whereas North America has the highest share of top 250 retail revenue, at 48.4%.