Isha Ambani led Reliance Retail is one of the best performing subsidiaries of Mukesh Ambani’s Rs 15.7 trillion Reliance Industries. Reliance Retail’s net worth has doubled in the last three years and over the past few months, it has introduced many new brands to the Indian market. Isha Ambani was named as leader of Reliance Retail by Mukesh Ambani in August last year. Keeping up with the pace of rapid expansion, Isha Ambani led Reliance Retail’s apparel arm Cover Story Clothing has launched a fast fashion new brand. Called Foundry, the new brand is the Ambanis’ attempt to take on Urbanic, Tata-onwed Zudio and others. With an average selling price of under Rs 1000, Foundry is offering affordable clothes and accessories exclusively on Ajio, which is also owned by Reliance.
In an interview to BQ Prime, CEO of Cover Story Clothing Manjula Tiwari revealed that the Foundry will be adding 50 new styles every day with an aim to reach 6000 styles by next year. This is the second affordable clothing brand launched under Reliance Retail in the past few months. Recently, Reliance Retail also launched Yousta to cater the similar audience.
Reliance Retail is currently valued at a massive Rs 8.4 lakh crore. Jimmy Choo, Georgio Armani, Hugo Boss, Versace, Michael Kors, Brooks Brothers, Armani Exchange, Burberry and many other global brands are available in India as a Reliance Retail partner brand. As revealed in the by Isha Ambani in mega Reliance Industries event, Reliance Retail has opened 3300 stores last year.
With 78 crore store footfall and over 100 crore transactions, Reliance Retail is among the top 10 most visited retailers in the world and the only Indian retailer in the global top 100 list. To reach this milestone, the company invested Rs 82,646 crore in the last 2 years. After all the acquisitions and investments, the current store count of Reliance Retail stands at Rs 18,040.
