Reliance Retail Ventures Limited (RRVL) has acquired the exclusive rights for Sephora India’s business from Arvind Fashion Limited for an undisclosed sum.
As part of the deal, RRVL’s beauty subsidiary, Reliance Beauty & Personal Care Limited, will take over 26 Sephora stores from Arvind Fashion. The company said the stores and website will operate as usual during the transition.
“This partnership will help us straddle across the value chain in the beauty and personal care segment,” said V Subramaniam, director at RRVL.
Business Today said the deal is valued at US$411.89 million. The acquisition came more than a year after the Indian retail conglomerate was reported to be in talks to take over the rights for Sephora India. The LVMH-owned beauty retailer entered the country in 2012 before Arvind Fashions secured the master franchise rights for India in 2015.
“It is an opportune time for us to invest in expanding our presence, and bring new, exciting, and exclusive brands to delight our growing community of beauty enthusiasts,” Alia Gogi, Asia president at Sephora.
RRVL ventured into the e-commerce beauty business last year with the launch of the beauty platform Tira, directly competing with Nykaa and Myntra. The company also opened Tira’s physical stores earlier this year.
GlobalData estimated the country’s cosmetics and fashion market will reach 14.1 trillion rupees (US$190 billion) by 2025.
