RRVL is also planning to establish 400-450 large-format stores to sell the acquired brands.
Reliance Retail Ventures Ltd (RRVL) has purchased a majority share in cosmetics and personal care firm Insight Cosmetics. This move marks the billionaire Mukesh Ambani-owned company’s foray into the beauty market. The deal is expected to be worth $10-15 million.
Dinesh Jain, a Mumbai-based entrepreneur, founded Insight Cosmetics in 2001. The company claims to have a distribution presence in 20 states, and its items are offered in over 12,000 retail and novelty stores nationwide.
The acquisition is consistent with RRVL’s goal of expanding its beauty and personal care business, mostly through acquisitions, and competing with incumbents like Nykaa, Myntra, and Purplle in the fast-growing Indian omnichannel market for beauty goods. According to industry observers, RRVL has prioritised brands in the clothing, footwear, beauty, and personal care sectors in the fashion and leisure market. These brands will mostly be in the mass premium segment.
However, RRVL is also planning to establish 400-450 large-format stores to sell the acquired brands. According to another individual following RRVL’s inorganic approach, a few in-house labels may also be accessible at these outlets.
Previously in May 2022, RRVL was said to be in discussions to acquire a controlling share in a Mumbai-based women’s footwear company. In march, RRVL acquired 89 percent ownership in Purple Panda Fashions Pvt. Ltd, which owns and runs the Clovia women’s innerwear and loungewear brand.