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Reliance Retail, run by Indian billionaire Mukesh Ambani's conglomerate Reliance Industries Ltd, is in advanced talks to get the rights for beauty retailer Sephora in India, the Mint newspaper reported on Wednesday, citing two people familiar with the matter.
Sephora's operations will transfer from Arvind Fashions Ltd to Reliance Retail if an agreement is reached, according to the report. On Wednesday, Arvind Fashions' shares on BSE rose 11% to Rs 327.55 apiece.
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 such as cosmetics, fragrances, skincare, makeup and hair care, according to Arvind Fashions' annual report for the financial year 2021-22.
Reliance plans to build a portfolio of 50 to 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 bigger retail outlets across the nation, sources had told Reuters in May.
Earlier this year, Reliance had signed a long-term franchise deal with French fashion house Balenciaga and partnered with Gap Inc to sell the U.S. clothing retailer's brands locally.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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First Published: Wed, September 21 2022. 17:54 IST