Mukesh Ambani led Reliance Retail, reportedly looking to foray into the intensely competitive online retailing of multibrand beauty and cosmetics business, taking on Nykaa, Myntra and Tata’s proposed similar ecommerce business, the Economic Times mentioned in a report citing multiple people familiar with the development said.
According to the ET report, Reliance Brands, Reliance Retail’s unit that sells upmarket brands, has devised a two-pronged strategy of a dedicated webstore as well as a new brick-and-mortar chain of high-end cosmetics products that will be something similar to LVMH’s Sephora.
They are building a beauty business that would be like a Nykaa for online and a Sephora for the offline side,” the publication quoted an unnamed person as saying. “They will sell top international brands as well as their own private labels.” He said the cosmetics venture could also have a webstore on Ajio, Reliance Retail’s fashion and lifestyle ecommerce platform.
