New Delhi, May 28 -- Reliance Industries Ltd's luxury retail business is beginning to show operating leverage, helped by strong growth in premium beauty and global partnerships, even as several Indian designer labels in its portfolio continue to remain loss-making.

Reliance Brands Ltd (RBL), Reliance Retail's flagship premium and luxury fashion business that houses over 50 luxury fashion brands, reported FY26 revenue of Rs.3,494 crore, up 44.6% from a year earlier, while losses narrowed to Rs.137 crore from Rs.279 crore in FY25, according to the company's integrated annual report.

During the year, RBL absorbed five subsidiaries and joint ventures, including Genesis Colors and CAA Brands Reliance, bringing several more luxury fashion, de...