The saying “old is gold” is no longer just a proverb at Reliance Industries—it has become a core business strategy. Under the leadership of Isha Ambani, Reliance is tapping into India’s collective nostalgia to build a powerful consumer and retail empire by reviving brands that once defined everyday Indian life.
From soft drinks to televisions and refrigerators, brands that many Indians grew up with are being brought back—not just as memories, but as serious competitors in today’s market.
Nostalgia as a growth engine
Reliance’s fast-moving consumer goods (FMCG) business is the clearest example of this strategy. What started with sales of around ₹3,000 crore in FY2024 jumped sharply to about ₹11,500 crore the following year. In the July–September quarter of FY2026 alone, FMCG sales reportedly touched ₹5,400 crore—showing how strongly consumers are responding.
At the heart of this growth is the revival of Campa, a name that instantly brings back childhood memories for many Indians. Campa has already become the biggest contributor to Reliance’s FMCG portfolio, proving that emotional recall, when paired with scale and pricing power, can still win markets.
Beyond Campa: reviving forgotten household names
Campa is only the beginning. Reliance has acquired and revived other legacy brands such as Ravalgaon in confectionery and Velvet in personal care. The idea is simple: take brands that once enjoyed mass trust, modernise them, price them competitively, and push them through Reliance’s massive retail and distribution network.
The same playbook is now being applied to consumer electronics. Brands like BPL and Kelvinator, once staples in Indian households, are being reintroduced across categories like televisions, refrigerators, and washing machines.
Why Reliance has an edge
Industry experts point out two big advantages Reliance enjoys. First, its strong balance sheet allows it to invest heavily, absorb losses initially, and think long term. Second, its deep retail reach through Reliance Retail gives it unmatched control over shelf space, visibility, and distribution.
According to retail experts, Reliance is approaching FMCG and electronics like a startup—but with enormous capital. The strategy is to invest aggressively, gain market share, scale up manufacturing and distribution, and then improve efficiency to turn profitable.
Structurally, the path is also clear. Reliance Consumer Products (RCPL), earlier part of Reliance Retail Ventures, is now a direct subsidiary of Reliance Industries. This gives it the flexibility to raise funds independently and potentially launch an IPO in the future, unlocking value separately from the retail business. The electronics business could follow a similar trajectory.
The real challenge: electronics
While nostalgia works well in FMCG, electronics is a tougher battlefield. Global giants like LG, Samsung, and Sony have spent decades building trust and technology leadership in India. Newer players like Haier and Voltas Beko are also expanding fast.
Unlike the cola market—dominated by just a few players—consumer durables is highly fragmented. The big question is whether younger consumers in their 20s and 30s will choose a BPL TV or a Kelvinator fridge over established global brands, or whether nostalgia will matter less to Generation Z.
Experts believe that success here will depend not just on price, but on emotional storytelling, smart positioning, and reliable product quality. Legacy brands can work—but only if they are relaunched with a strong identity, not just as cheaper alternatives.
The tier-2 and tier-3 opportunity
One area where Reliance could gain a major edge is smaller cities and towns. Electronics penetration in India is still relatively low—around 15–18 percent for flat-panel TVs, about 40 percent for refrigerators, 20 percent for washing machines, and under 10 percent for air conditioners.
Many global brands focus more on premium urban markets, where margins are higher. Reliance, with its scale and capital, can afford to play the long game in tier-2 and tier-3 cities by offering familiar brands at accessible prices through both physical stores and e-commerce.
The bigger picture
Isha Ambani’s strategy shows how memory, scale, and modern retail can be combined into a powerful business model. By turning childhood brands into contemporary products and backing them with capital, distribution, and data, Reliance is not just reviving the past—it’s monetising it.
