Reliance Retail didn’t have yet another ecommerce experiment in mind when it rolled out Ajio. Instead, it wanted to make a statement to challenge online fashion giants. With its strong liquidity support, sprawling offline presence, and partnerships with global and homegrown brands, Reliance wanted to replicate its offline dominance on the digital landscape.

Reliance had complete clarity when Ajio took off. It wanted Ajio to be India’s definitive premium fashion destination – a sleeker alternative to the chaotic, deal-driven marketplaces.

The early-day traction was impressive, especially during the period when Myntra’s integration with Flipkart had blurred user experiences. “There was a time when Myntra shoppers were receiving their orders in Flipkart packaging,” recalled a former fashion category manager at an ecommerce platform. He chose to stay anonymous since he was not authorised to comment on a rival platform. “It broke the brand experience and pushed consumers to explore Ajio. The platform looked fresh, the product mix felt aspirational, and the timing was perfect.”

But, the rise was short-lived. Nine years on, Ajio still commands a meagre 9% of India’s $20 Bn online lifestyle market, comprising apparels, accessories and footwear, according to inputs from Datum Intelligence.

Reliance, however, continued to harp on Ajio’s initial momentum by splitting its online fashion play into two verticals – Ajio as a mass-fashion platform led by discounting, and Ajio Luxe for premium and luxury labels. The structure neatly mirrored Reliance’s offline strategy – Trends for the masses and The Collective for the elite. On paper, it was elegant as a multi-tiered approach designed to serve both aspiration and affordability under one roof.

Yet, the promise of Ajio began fading out soon. Reliance’s financial disclosures say little on Ajio’s true standing. Reliance Retail reported a 19% on-year surge in revenue to INR 90,544 Cr for the quarter ended September 2025, surpassing analyst estimates.

The company highlighted Ajio’s digital expansion, claiming a 35% year-on-year growth in its products range to 2.7 Mn options, a 33% rise in Ajio Luxe brand choices, and a 52% jump in average bill values in its jewellery segment. The momentum looks strong on paper, but behind these figures lies a frustrating absence of clarity.

Reliance does not give a break-up of Ajio’s individual revenue, GMV, or order volume metrics, which makes it difficult to benchmark the company’s performance against peers like Myntra, Meesho, or Amazon Fashion.

“Reliance reports growth percentages, not impact metrics,” pointed out a Mumbai-based retail analyst who tracks the company’s filings. “Expanding your catalogue by 35% means little if delivery times are slow or conversion rates are dropping. Ajio’s data looks more like scale inflation than competitive momentum.”

There’s fallacy in the figures, vision is foggy, cracks are........

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