Reliance Retail Launches New Consumer Electronics Brand Wyzr, Aims to Challenge MNC Dominance
Reliance Retail, the retail arm of the Indian conglomerate Reliance Industries, has launched a new consumer electronics brand called Wyzr. The brand, which was launched in the financial year 2023-24 (FY24), aims to challenge the dominance of multinational corporations in the local consumer electronics and home appliances market.
Wyzr has already introduced a range of coolers and plans to expand its product range to include televisions, washing machines, refrigerators, air conditioners, small appliances, and LED bulbs. The company aims to develop and design these products internally, seeking to establish a homegrown brand in a market predominantly controlled by foreign labels.
Reliance plans to distribute Wyzr products through its Reliance Digital stores, as well as independent retailers, regional retail chains, and online platforms such as Amazon and Flipkart. JioMart Digital (JMD), engaged in B2B distribution of electronic products, will also distribute Wyzr products to other stores.
Wyzr products are expected to be competitively priced compared to established brands such as LG, Samsung, and Whirlpool. Reliance's previous success in disrupting the feature phone market with the JioPhone has inspired its approach in the electronics sector, aiming to capitalize on the government's Make in India domestic manufacturing initiative.
Reliance Retail had previously attempted to sell televisions and appliances under the Reconnect brand but faced limited success as these were designed and manufactured by partners. The company still employs the Reconnect brand for accessories. Additionally, it holds the license for BPL and Kelvinator brands but hasn't gained significant market share with these products. Recognizing the need for greater control over product design and manufacturing, Reliance is pursuing its own brand strategy.
During the earnings call, Reliance Retail chief executive Dinesh Taluja highlighted the scaling up of Reliance's FMCG business, noting strong traction and customer acceptance for brands like Campa and Independence in the beverages and staples segments, respectively. He emphasized the establishment of a localized supply chain to support these businesses' expansion across different regions of the country.
Reliance Retail's annual profit crossed the Rs 10,000 crore-mark for the first time in its fourth quarter earnings, reported on Monday. The grocery business clocked the highest growth in FY24 at 31 per cent. Fashion and lifestyle grew at about 23 per cent, and consumer electronics grew 18 per cent.
Shares of Reliance Industries were trading at Rs 2,925.80 on the BSE on Wednesday at 10.30 am.