- 16 Feb 2023
- ICICIdirect Research
RELIANCE RETAIL FORAYS INTO MULTI BRAND BEAUTY SEGMENT BY LAUNCHING BRAND TIRA
RELIANCE - 1428 Change: -13.70 (-0.95 %)News: As per media reports, Reliance Retail has launched an online beauty platform, 'Tira' heating up competition within the rapidly growing beauty e-commerce space led by Nykaa and new entrant Tata Cliq Palette, and other existing players like Sephora, SS Beauty by Shopper’s Stop and Myntra. The platform, with dedicated makeup, skin and haircare, fragrances, bathing, men’s beauty and luxury sections is open initially to all Reliance employees and will soon be enabled for consumers
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. With Tira, Reliance plans to scale up with a vast collection of mass, premium and luxury labels and its own private labels. 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 is expected to reach $4.4 billion by 2025. As per the report, the number of online beauty and personal care shoppers could increase by over 4x — from 25 million in FY20 to 110 million in FY25. With 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 customers
Impact: Neutral