BENGALURU (Reuters) – Reliance Retail, run by Indian billionaire Mukesh Ambani’s conglomerate Reliance Industries Ltd, is in advanced talks to secure the rights to beauty retailer Sephora in India, the Mint newspaper reported on Wednesday, citing two people close to the file.
Sephora’s operations will transfer from Arvind Fashions Ltd to Reliance Retail if a deal is reached, according to the report. Reliance, Arvind Fashions and Sephora did not immediately respond to Reuters requests for comment.
Sephora, owned by French luxury goods group LVMH, has 25 stores in 13 cities in India with brands in categories including cosmetics, fragrances, skincare, makeup and haircare, according to the report. Arvind Fashions Annual Report for the 2021-22 financial year. (https://bityl.co/EcXx)
Reliance plans to build a portfolio of 50-60 grocery, household and personal care brands within six months and is hiring an army of distributors to take them to mom-and-pop stores and larger outlets. sale across the country, sources told Reuters in May.
Earlier this year, Reliance signed a long-term franchise agreement with French fashion house Balenciaga and partnered with Gap Inc to sell the American clothing retailer’s brands locally.
(Reporting by Nishit Navin in Bengaluru; Editing by Krishna Chandra Eluri)