Mukesh Ambani of Reliance Industries is now preparing to make a splash in beauty and cosmetics. Reliance Retail plans to open 400 retail stores in the coming few years. Only beauty and cosmetic products will be sold at these stores. Reliance’s entry will challenge companies like Nykaa and Myntra.
According to reliable sources in the report published in the Economic Times, Mukesh Ambani plans to open two different stores. Some of these stores will be multi-branded. Apart from this, there will also be a chain of stores of value products for the mass market. There has been no response to the mail from Reliance Retail in this regard.
Stores with value format will be spread over 1000-2000 square feet. The most significant expansion is planned in this segment. Apart from this, the company also plans to open high-end beauty and cosmetic stores with the help of Tiara. Such stores will be spread over 5000 square feet. The Economic Times had said that Reliance plans to launch a dedicated e-commerce platform for multi-brand beauty and cosmetics.
There will be a market of more than 30 thousand crores.
Financial services firm Avendus released a report in the year 2021. According to this report, by 2025, India’s care and beauty market will be about $ 4.4 billion or more than 30 thousand crores. In 2019-20, the number of online beauty and personal care shoppers was 25 million. Their number is to reach 100 million by 2024-25. Big industry houses like Reliance and Tata are entering this segment.
Reliance is looking for space in malls.
It has been reported from many malls in Delhi and Mumbai that Reliance is looking for 4000-5000 square feet of space. This search is being done to open cosmetic stores.
Isha Ambani herself is watching this project.
According to the old report of ET, Tiara is a significant project for Reliance Retail. Reliance Retail’s director Isha Ambani is herself involved in this project. It is believed that Tiara’s online business can be integrated with Reliance’s fashion website Ajio. Isha Ambani herself is involved in this project as well. The Tata Group is also preparing vigorously for its entry into the beauty care products segment.