Reliance Retail has moved a step closer to its e-commerce venture with beta launch of its fashion and lifestyle website.
"The curated fashion and lifestyle e-commerce initiative is transitioning from project phase to operational phase through beta testing and has been launched on an invitation-only basis," parent Reliance Industries Ltd said on Tuesday announcing its third quarter results. The fashion and lifestyle venture is likely to go live by fourth quarter-end, according to an investor presentation said. RIL said its other 2.0 initiatives encompassing development of market place platform and building distribution ecosystem for 4G devices were on track and are being rolled out in a phased manner. In December quarter, its physical fashion retail format 'Reliance Trends' opened 16 new stores.
On the overall performance of its retail business, the company said it posted highest-ever quarterly turnover of Rs 6,042 crore, an on-year growth of 29%. Its profit before depreciation, interest and tax (PBDIT) increased 7% at Rs 243 crore in the December 2015 quarter. With 3,043 stores across 371 cities in India (as on December 31, 2015), it has also become the first retailer in the country to cross 3,000-mark milestone.
With two million registered members across 37 cities, the Reliance Market store network continued enabling Reliance Retail to enhance its reach to kiranas, traders and institutions as partners across the country, it said. "The contribution of private labels to overall sales increased to 14.6% from 8.6% in the same period last year," RIL said.
The consumer electronics category, wherein Reliance Retail operates 1,537 stores, registered growth in excess of 50% year on year. While rapidly scaling up its operations during the quarter, the Digital Express Mini format surpassed the milestone of operating over 1,250 stores across the country in a short time since launch.
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