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News: As per media reports, Reliance Retail is all set to launch its e-commerce beauty platform Tira, as well as open its offline stores soon. The first offline Tira store is expected to open in Mumbai in April while its presence would be expanded across the country – both in a ‘shop-in-shop’ and standalone formats
Views: Reliance Retail has already been operating a beauty e-commerce platform on its JioMart platform, which retails products for makeup, skin care and fragrances and is the largest customer for Lakme. With Tira, Reliance plans to scale up with a vast collection of mass, premium and luxury labels and its own private labels. The luxury products would be retailed under a specialised category called Tira Red. Further, the company is also expected to pursue an omnichannel retail strategy, with focus on both online and physical stores. As per industry report by Avendus, personal care and beauty market in India to reach $4.4 billion by 2025. As per the report, the number of online beauty and personal care shoppers could increase by over four times — from 25 million in FY20 to 110 million in FY25. With the expansion of Tira brand , Reliance Retail would be able to have a presence in a fast growing market category and aspire to capture increased wallet share from the customers. It would compete with Nykaa and new entrant Tata Cliq Palette, and other existing players like Sephora, SS Beauty by Shopper’s Stop and Myntra
Impact: Neutral