Reliance Trends to double sales this year

Hyderabad:  Reliance Trends, the retail arm of Reliance Industries, is likely to post 100 percent growth in sales this year and will also double its stores to 100, said CEO Arun Srideshmukh today. Most of the stores are in Tier II and III cities and the current ration of metros and smaller cities is 60:40. “We are still small in terms of size of the business. But we are on a very strong wicket and Rs 330-crore business (in last fiscal) was on the back of doubling of turnover every year. So we should exactly be there this year as well (doubling revenues),” he told reporters after launching the firm’s 50th store in the country and forth in Hyderabad. [caption id=“attachment_36457” align=“alignleft” width=“380” caption=“Most of the stores are in Tier II and III cities and the current ration of metros and smaller cities is 60:40. Reuters”] [/caption] “We have been able to open 50 stores in the past 50 months. This was possible because of the huge demand from consumers who look at affordability and accessibility. The company is highly technology and innovation driven and this helps us offers better value deals.” “While we are looking at opening new stores in places like Bhimavaram (in West Godavari district), we will also penetrate in major cities to strengthen reach for the customers,” he said. To a question on the revenue mix between private labels and other brands, he said currently the trend is 50:50 and will soon become 55:45. PTI