Reliance gears up to challenge Nykaa's dominance in beauty marketplace: Report

Reliance Retail has reportedly started signing agreements with about half a dozen leading cosmetics and beauty brands

Billionaire Mukesh Ambani-led Reliance Industries is gearing up to challenge Nykaa's dominance in the beauty marketplace.

To launch its own beauty platform, the company's recent acquisitions, Fynd and Netmeds, are working in tandem to build the platform, according to an Economic Times report.

While Netmeds is likely developing the backend warehousing and data management, Fynd is building the customer interface for Nykaa's nemesis, likely to be named Tiara.

Also Read -- Nykaa founder becomes India's wealthiest self-made female billionaire

Reliance Retail has reportedly already started signing agreements with about half a dozen leading cosmetics and beauty brands.

According to the report, Isha Ambani, director of Reliance Retail and daughter of chairman Mukesh Ambani, is said to be helming the project.

Fashion e-commerce company Nykaa made a stellar public market debut via a huge IPO last year.

Several players like The Good Glamm Group and Purplle recently joined the beauty marketplace, which has continued to grow despite the pandemic. Meanwhile, Tata Group is also preparing its own blueprint for the beauty business.

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