RIL's omnichannel beauty platform soon to challenge Nykaa, Myntra: Report
Mumbai: Reliance Industries (RIL) is all set to challenge top fashion, cosmetic and personal care etailers like Nykaa, Purplle and others like Walmart-owned Myntra with its omnichannel beauty platform, according to media reports.
Its recent buyouts of retail tech startup Fynd and e-pharmacy marketplace Netmeds is a step forward in this direction as RIL's beauty platform is being developed by the two companies jointly, according to an Economic Times report.
Netmeds is responsible for developing the backend, including warehousing and data management, operating from Chennai and Fynd is building the frontend and is developing the customer interface.
The beauty platform is being created on a marketplace model and Reliance Retail has got in agreements with about half a dozen leading cosmetics and beauty brands to sell on the marketplace, ET quoted a senior executive as saying.
“Reliance Retail is in the process of marking out specific zones within the group’s physical stores such as Reliance Mart, to amplify its beauty vertical and integrate the marketplace with its offline stores,” he added.
It has been named Project Adore, the executive revealed.
Reliance's new beauty platform is likely to be named Tiara, and is being overseen by RIL Chairman Mukesh Ambani's daughter Isha Ambani, who is the Director of Reliance Retail.
The online store is expected to be integrated with Ajio, Reliance's fashion website, also overseen by Isha Ambani.
The beauty venture will be the part of MyJio, Reliance's superapp, the report said citing another source.
Tata Group is also looking to enter the beauty segment and is in talks with personal care brands to get them on board.