RIL has signed deals with major cosmetic and cosmetics companies. Internally, it’s known as Project Adore.
Reliance Industries (RIL), headed by billionaire Mukesh Ambani, is preparing to launch an omnichannel beauty portal to compete with cosmetics-to-fashion platform Nykaa and Walmart-owned Myntra, among others. Furthermore, RIL’s recent acquisitions of retail tech firm Fynd and e-pharmacy marketplace Netmeds will aid in the rollout of the beauty platform.
According to those with direct knowledge of the situation, the beauty platform is being created together by Fynd and Netmeds. While Netmeds will be in charge of the backend warehousing and data administration from Chennai, Fynd is constructing the frontend and putting the consumer interface in place. The Mumbai-based oil-to-telecom conglomerate’s new endeavour will compete with cosmetics shop Nykaa as a marketplace concept under Reliance Retail. FSN E-Commerce Ventures, the parent company of the online marketplace Nykaa, went public in November of last year.
Reliance is capitalising on the fast emergence of relatively young e-commerce firms in the beauty sector, such as The Good Glamm Group and Purplle, by capitalising on favourable customer mood.
Tiara is the likely name for Reliance’s new brand, and RIL Chairman Mukesh Ambani’s daughter Isha Ambani, Director of Reliance Retail, is heavily involved in the initiative. Isha Ambani is also in charge of Reliance’s fashion website Ajio, which will be merged with the site.