Reliance’s luxury retail arm is feeling the pinch as India’s appetite for high-end fashion and premium brands cools. Reliance Brands Ltd, the Mukesh Ambani-owned company that manages some of the world’s most coveted labels in India, reported muted sales growth of just 5 percent in FY25, reaching ₹2,616 crore. That’s less than half the 12 percent growth it clocked in the previous fiscal year.
The slowdown comes amid a broader dip in discretionary spending, with consumers holding back on big-ticket purchases in categories like luxury fashion, accessories and premium dining. While top-line growth stalled, the company managed to trim its red ink slightly, narrowing annual losses to ₹279 crore.
Reliance Brands, set up in 2007, has long been the country’s biggest luxury retailer, with exclusive rights to more than 85 global names. Its portfolio reads like a who’s who of high fashion and lifestyle — Burberry, Jimmy Choo, Coach, Diesel, Kate Spade, Versace, Bottega Veneta, Tiffany & Co, Pret A Manger and more.
The company’s annual report highlighted new brand tie-ups and the international rollout of its own intellectual properties as key moves during the year. Industry insiders say the push to expand beyond India is aimed at offsetting the slower growth at home, where rising inflation and shifting consumer priorities have dented demand for premium goods.
Reliance Brands’ size still gives it an edge. With control over the largest luxury brand portfolio in the country and deep pockets to weather downturns, it remains the go-to partner for global names eyeing India. But with FY25 numbers reflecting a sharper-than-expected slowdown, the challenge ahead will be reigniting growth without compromising profitability.
For now, the luxury giant appears focused on keeping its brand mix fresh, growing globally, and waiting for India’s high-spending consumer to return in full force.
