Reliance’ Next Bet Is Cosmetic Business: Plans To Launch 400 Stores Across India To Challenge Nykaa and Myntra!
Reliance Retail Entering In Cosmetics Business
In order to tap the beauty and cosmetic market, the retail arm of Ambani’s Reliance Industries is now aiming at opening two formats of beauty and cosmetics outlets.
Out of these two, one could be a multi-brand store based on LVMH’s Sephora.
While, the other one will be a chain of value products targeting the mass market, as informed by the three people in the know of the plan.
On the execution of this plan, Reliance Retail might open nearly 400 stores in the coming years.
This move could definitely pose a rival to the likes of Nykaa and Myntra, which are exclusively into selling beauty and cosmetics products.
Besides this, Reliance Brands will also operate a dedicated ecommerce business which will be selling multi-brand beauty and cosmetics products.
With all this happening, Reliance Retail’s value format will witness the most expansion.
It will have outlets ranging somewhere between 1,000-2,000 sq ft.
Apart from these initiatives, the Indian multinational conglomerate company is also looking to open its high-end beauty and cosmetics format (code-named Tiara) in the coming months in the Jio World Center in Mumbai.
Once this happens, more such stores will be launched in other cities too.
Blooming Personal Care And Beauty Market
According to a 2021 report by financial services firm Avendus, the personal care and beauty market in India could reach $4.4 billion in the next three years i. e. by 2025.
On top of that, such shoppers are likely to increase in numbers by over four times – from 25 million in FY20 to 110 million in FY25.
While all this is happening, Reliance Industries have achieved yet another feat by becoming the top-ranked Indian company on Forbes Global 2000 list.
The firm has also become the first Indian firm to generate over $100 billion in annual revenue.
While reportooing sales of $104.6 billion between April 2021 and March 2022, Ambani’s RIL has jumped 2 spots to No. 53 on Forbes’ latest Global 2000 list of public companies worldwide, reported.
As we know, the Forbes Global 2000 index ranks the largest companies globally using 4 metrics – sales, profits, assets and market value.