Reliance Brands halves losses to ₹137 cr as Sephora powers 44.6% revenue jump
Reliance's luxury retail arm posted FY26 revenue of ₹3,494 cr across 935 stores and 762 shop-in-shops, with premium beauty led by Sephora driving growth. Indian designer labels Rahul Mishra, Ritu Kumar, AK-OK and Abu Jani Sandeep Khosla remained loss-making despite India's luxury market doubling toward $18.8bn by 2034.
What happened
Reliance Brands Ltd · Reliance Brands FY26 revenue rose 44.6% to ₹3,494 cr with losses halved to ₹137 cr; Sephora and premium beauty led growth, while Indian
Key facts
- FY26 revenue ₹3,494 cr
- +44.6% YoY
- loss ₹137 cr vs ₹279 cr FY25
- 935 stores
- 762 shop-in-shops
- Rahul Mishra rev ₹68.6 cr loss ₹13.2 cr
- AK-OK rev ₹21.8 cr loss ₹9.9 cr
- Ritu Kumar rev ₹270.34 cr loss ₹34.47 cr
- Abu Jani loss ₹10.68 cr
- India luxury market $10.6bn 2025 to $18.8bn 2034
Why this matters
The Indian designer portfolio (Rahul Mishra, Ritu Kumar, AK-OK, Abu Jani Sandeep Khosla) is structurally underperforming and represents either a divestiture opportunity or a consolidation play as luxury demand scales toward 2034.