RIL set to launch omnichannel beauty platform to tackle Nykaa, Myntra

New Delhi: Billionaire Mukesh Ambani, Reliance Industries (RIL), India’s most valuable company, is set to unveil its omnichannel beauty platform to take on the fashionable cosmetics platform Nykaa, Myntra, owned from Walmart, among others. Additionally, RIL’s two recent buyouts – retail tech startup Fynd and online pharmacy marketplace Netmeds – will help launch the beauty platform.

The beauty platform is being jointly developed by Fynd and Netmeds, people with direct knowledge of the matter said. HEY. While Netmeds will be responsible for the backend – data warehousing and management – from Chennai, Fynd is building the frontend and setting up the client interface.

The Mumbai-based oil-telecom conglomerate’s new venture has been set up as a market model under Reliance Retail and will challenge beauty retailer Nykaa. FSN E-Commerce Ventures, which runs online marketplace Nykaa, went public in November last year.

As for its competitor, Reliance Retail has entered into agreements with half a dozen major cosmetics and beauty brands to sell in the market, the financial daily quoted a senior executive as saying. The executive further revealed that it is called Project Adore internally.

“Reliance Retail is in the process of delineating specific areas within the group’s physical stores such as Reliance Mart, to amplify its beauty vertical and integrate the market with its offline stores,” he added.

Seeing the rapid rise of relatively new e-commerce players in the beauty market, such as The Good Glamm Group and Purplle, Reliance is jumping at the chance to see positive consumer sentiment.

Reliance’s new brand will likely be called Tiara, and the daughter of RIL Chairman Mukesh Ambani, Reliance Retail Director Isha Ambani, is closely involved in the project. The online site is expected to be integrated with Reliance’s fashion website, Ajio, which is also overseen by Isha Ambani.

Reliance’s beauty business should be part of their super app, MyJio, another executive said.

Meanwhile, another executive mentioned that the Tata Group is also working on its own plan to enter the beauty business. He started approaching personal care brands to get them on board.

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