- Arvind Fashions has announced the sale of its beauty brands division, including products from LVMH-owned beauty chain Sephora, to Reliance Retail, owned by billionaire Mukesh Ambani, for INR 990.2 million (approximately $11.89 million).
- The deal, valued at INR 2.16 billion as an enterprise value, will enhance Reliance Retail’s portfolio of international brands and follows previous reports of Sephora and Reliance Retail discontinuing talks of forming a retail partnership in India.
- Reliance Retail launched its own beauty retail platform, Tira, in April, competing with other retailers like Nykaa and the Tata Group.
- Arvind Fashions’ beauty division, which housed Sephora, contributed 7.6% of the company’s total revenue in fiscal year 2023.
- Arvind Fashions’ stock price surged 11.5% on the announcement of the deal.