What: Reliance Retail Ventures Limited has acquired exclusive rights to Sephora's presence in India, aiming to dominate the Indian beauty market.

Why it is important: The partnership with Sephora will boost Reliance Retail's beauty platform, Tira, and help them compete with Nykaa, a leading player in the Indian beauty market.

As part of the agreement, Reliance Retail will take over the operation of Sephora's 26 stores in India, expanding the brand's footprint in the country. The Indian beauty and personal care market, valued at $17 billion, is still considered to be in its early stages, presenting significant growth opportunities. With a growing desire for self-expression and increasing aesthetic refinement among Indian consumers, the beauty market is expected to thrive.

Reliance Retail to take over Sephora India