India's Reliance Retail in talks for rights of beauty retailer Sephora - report (updated)

ARVIND FASHIONS

21/09/2022 14:16

(Adds details from media report, background)
    BENGALURU, Sept 21 (Reuters) - Reliance Retail, run by
Indian billionaire Mukesh Ambani's conglomerate Reliance
Industries Ltd  RELI.NS , 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
 ARVF.NS  to Reliance Retail if an agreement is reached,
according to the report. Reliance, Arvind Fashions and Sephora
did not immediately respond to Reuters' requests for comment.
    Sephora, owned by French luxury goods group LVMH  LVMH.PA ,
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. (https://bityl.co/EcXx)
    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.  urn:newsml:reuters.com:*:nL2N2X7050    
    Earlier this year, Reliance had signed a long-term franchise
deal with French fashion house Balenciaga and partnered with Gap
Inc  GPS.N  to sell the U.S. clothing retailer's brands locally.
 urn:newsml:reuters.com:*:nL4N2ZG39G  urn:newsml:reuters.com:*:nL4N2YN2HE
    

 (Reporting by Nishit Navin in Bengaluru; Editing by Krishna
Chandra Eluri)
 ((Nishit.Navin@thomsonreuters.com))