LVMH-owned Sephora is tying up with Billionaire Mukesh Ambani’s Reliance to operate the beauty chain’s stores in India and assist in the expansion of Sephora’s presence in the country’s fast-growing beauty and cosmetics market.
Sephora’s products range from make-up to skincare. The chain also retails luxury brands such as Dior and Tom Ford offline and online and recently became the exclusive retailer for pop star Selena Gomez’s Rare Beauty brand in India.
“Rising affluence, increasing urbanisation and the proliferation of social media have driven greater awareness of self-care and beauty, unlocking major opportunities for prestige beauty,” Sephora’s Asia President Alia Gogi said.
Reliance launched its own beauty retail platform, Tira, in April to take on the likes of Nykaa and the Tata Group.
For the past 8 years, Arvind Fashions had partnered with the French brand. “The partnership gives RRVL (Reliance Retail Ventures Ltd) exclusive rights to build and enhance Sephora’s presence in India across channels,” Reliance Retail said in a statement.
Shares of Arvind Fashions surged 11.5% after the news, before trimming some gains to close 5.8% higher.
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