India's Arvind Fashions to sell Sephora retail division to Ambani's Reliance
Arvind Fashion will sell its beauty brands division, which retails products of LVMH-owned Sephora, to billionaire's retail unit Reliance Retail for 990.2 million rupees ($11.89 million) Shares of surged 11.5% after the news, trimming some gains to last trade up 7.3%. Reliance launched its own beauty retail platform in April to take on the likes of Nykaa and the Tata Group.
The deal, which will boost 's portfolio of international brands, comes months after local media reported that Sephora and Reliance Retail had abandoned talks to form a retail partnership for the Indian market. Reliance launched its own beauty retail platform, , in April to take on the likes of Nykaa and the Tata Group. The deal was made at an enterprise value of 2.16 billion rupees, A said in a regulatory filing. Shares of surged 11.5% after the news, trimming some gains to last trade up 7.3%. The beauty division that hosted Sephora reported a revenue of 3.37 billion rupees in fiscal 2023, or about 7.6% of Arvind Fashion's total revenue. ARVIND FASHIONS Livemint tops charts as the fastest growing news website in the world to know more.
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