Reliance Retail is acquiring the India franchisee business of Sephora from Arvind Fashions, according to three people familiar with the development.
Reliance Retail has already informed various malls about its acquisition of Sephora and asked the shopping centres to change the lease agreements accordingly in favour of Reliance Retail, two top mall executives said.
“Reliance is going to announce the deal in four weeks’ time,” said one of the three people.
Arvind Fashions declined to comment.
“As per company policy, we do not comment on market rumours and speculations,” an Arvind Fashions spokesperson said in a WhatsApp message. Reliance Retail is yet to comment on our request and we will include their comment whenever it comes.
This is the third time LVMH-owned Sephora would be changing hands in India.
Sephora is again changing its partner in India seven years after the French luxury giant snapped its franchisee agreement with Genesis Colors to partner with Arvind.
Reliance Retail will now inherit a chain of Sephora-branded beauty and cosmetics chain in India that sells multi-branded products.