It will assist develop Sephora’s presence within the nation’s fast-growing magnificence market (File)
Bengaluru:
Billionaire Mukesh Ambani’s Reliance is tying up with LVMH-owned Sephora to function the sweetness chain’s shops throughout the nation and assist develop Sephora’s presence within the nation’s fast-growing magnificence and cosmetics market.
India’s largest retailer Reliance, which launched its personal magnificence retail platform referred to as Tira in April to tackle the likes of Nykaa and the Tata Group, will now take over Sephora’s 26 shops in India from Arvind Fashions.
Arvind Fashions partnered with the French model for the final eight years.
“The partnership offers RRVL (Reliance Retail Ventures Ltd) unique rights to construct and improve Sephora’s presence in India throughout channels,” Reliance Retail stated in a press release.
Sephora’s merchandise vary from make-up to skincare. The chain additionally retails luxurious manufacturers resembling Dior and Tom Ford offline and on-line and lately turned the unique retailer for pop star Selena Gomez’s Uncommon Magnificence model in India.
The 990.2 million-rupee ($11.89 million) deal between Reliance and Arvind Fashions comes months after native media reported that Sephora and Reliance Retail had deserted talks to kind a retail partnership for the Indian market.
Magnificence retailers in India are vying to draw prospects as demand for clear magnificence and celebrity-owned manufacturers grows. Manufacturers resembling Nykaa, Tira, and Consumers Cease lately expanded their choices within the hopes of attracting and retaining prospects.
“Rising affluence, growing urbanisation and the proliferation of social media have pushed higher consciousness of self-care and sweetness, unlocking main alternatives for status magnificence,” Sephora’s Asia President Alia Gogi stated.
Shares of Arvind Fashions surged 11.5% after the information, earlier than trimming some positive factors to shut 5.8% greater.
The sweetness division that hosted Sephora reported income of three.37 billion rupees in fiscal 2023, or about 7.6% of Arvind Fashions’ whole income.
The corporate will use proceeds from the deal to spend money on its manufacturers and repay debt.
(Aside from the headline, this story has not been edited by NDTV employees and is revealed from a syndicated feed.)