Festive offers during Diwali, Pratmas Mami and Christmas attracted the attention of customers and increased conversions and billings.
Reliance Industries Limited (RIL)’s fashion and lifestyle segment in India posted a revenue increase of 13% in the third quarter of fiscal 2023 ended 31 December 2022 compared to the third quarter of 2022 . Sales growth was driven by the festive and wedding season. Ajio grew its customer base by 33% year-over-year and catalog size by 62% in Q3 2023.
The company’s business saw broad-based growth across categories, with particular strength in men’s formal wear, women’s Indian wear, kids wear and footwear. Reliance Industries said in a press release that winterwear was affected due to the delayed start of the winter season.
The Premium Brands business grew 38% year over year in Q3 2023, driven by increased foot traffic and new store openings. Focused on enhancing the omnichannel experience, the business launched single-brand websites for Tumi, Hunkemoller, and Pottery Barn during this period.
In the third quarter of 2023, the company’s lingerie business delivered 62% year-over-year revenue growth across its brand portfolio.
Urban Ladder reports 21% year-over-year revenue growth in Q3 2023 on strong store performance and digital platform growth leveraging high-impact events such as Full House Sale and Very Merry Sale. was given.
“This quarter’s results demonstrate the strength and efficiency underlying our business model that allows us to consistently deliver superior service to our customers. We are unwavering in our commitment to providing the best shopping experience on our digital platforms.” Isha M Ambani, Executive Director, Reliance Retail Ventures Limited.
Fiber2Fashion News Desk (DP)
