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Saturday, February 4, 2023

Reliance Retail World’s 2nd Fastest Growing Retail Brand; Only Indian Firm In Top 250 List

Mukesh Ambani’s Reliance Retail Ltd has been ranked as the second fastest growing retailer in the world in 2021, states Deloitte.

This comes shortly after India’s largest company in terms of market capitalization, Reliance Industries (RIL) has rolled out bonus or variable payout to more than 2 lakh of its employees, after reporting a 35% spike in its net profit for the last financial year.

Reliance Retail Climbs Up 3 Positions
According to a report published by Deloitte, Ambani’s Reliance Retail Ltd has been ranked at the 53rd position in the global list of 250 retailers, called the Global Powers of Retailing.

Reliance Retail has climbed to this position from the 56th position in the list earlier.

Reliance Retail is the only Indian entry in the global list of 250 retailers. It has been included in this list since the last four editions.

The US giant Walmart Inc has secured the first position in the list, followed by Amazon.com Inc in the second spot.

The order of the remaining 8 companies ranked in the top 10 are as follows.

Costco Wholesale Corporation, Schwarz Group, The Kroger Co, Walgreens Boots Alliance Inc, Aldi Einkauf GmbH & Co. oHG, Aldi Einkauf GmbH & Co. oHG and Aldi International Services GmbH & Co. oHG, CVS Health Corporation, Tesco PLC.

RIL Records Net Profit Spike at Rs 53,739 Cr
Reliance Industries (RIL) reported a profit growth of 35% to Rs 53,739 crore for financial year 2020-21 in early May.

Consequently, the company has rolled out bonuses to over 2 lakh employees, spanning its 5 divisions, including O2C and consumer segment, which includes retail and telecom.

The company has reported that a major contribution to the profit growth has come from its consumer business, which has seen an increase in online shopping and greater reliance on data for work, amid the pandemic.

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