Mukesh Ambani-led Reliance Industries Limited’s subsidiary – Reliance Retail – is looking to enter into the cosmetics business and might open nearly 400 stores in the coming years. The stores, which could pose as a rival to the likes of Nykaa and Myntra, will exclusively for selling beauty and cosmetics products.
The retail arm of Ambani’s Reliance Industries is aiming at opening two formats of beauty and cosmetics outlets to tap the market. One could be a multi-brand store based on LVMH’s Sephora and the other a chain of value products targeting the mass market, according to three people in the know of the plan quoted by Economic Times.
Reliance Brands will also operate a dedicated ecommerce business selling multi-brand beauty and cosmetics products.
Meanwhile, Reliance Retail’s value format will witness the most expansion and will have outlets ranging somewhere between 1,000-2,000 sq ft. Along with this, the firm is also looking to open its high-end beauty and cosmetics format (code-named Tiara) in the coming months in the Jio World Centre in Mumbai.
After this, more such stores will be launched in other cities too.
India’s personal care and beauty market
The personal care and beauty market in India could reach $4.4 billion in the next three years i. e. by 2025, according to a 2021 report by financial services firm Avendus. Additionally, such shoppers are likely to increase in numbers by over four times – from 25 million in FY20 to 110 million in FY25.
Meanwhile, Reliance Industries achieved yet another feat by becoming the top-ranked Indian company on Forbes Global 2000 list. RIL also became the first Indian firm to generate over $100 billion in annual revenue.
Ambani’s RIL, which jumped 2 spots to No. 53 on Forbes’ latest Global 2000 list of public companies worldwide, reported sales of $104.6 billion between April 2021 and March 2022. The Forbes Global 2000 index ranks the largest companies globally using 4 metrics – sales, profits, assets and market value.
