Reliance Retail Ventures has acquired a controlling stake in Insight Cosmetics in a deal valued at $10 million to $15 million, two anonymous sources told Livemint.
WHO: Insight Cosmetics was launched in 2001 by Mumbai-based entrepreneur Dinesh Jain. The range has over 350 stock keeping units and an omnichannel approach to retail with over 12,000 brick-and-mortar stores across 20 states and 10 e-commerce platforms.
Founded in 2006, Reliance Retail, a subsidiary of Reliance Industries, has adopted a multi-prong strategy and operates a chain of neighborhood stores, supermarkets, wholesale cash-and-carry stores, specialty stores, and online stores, and has democratized access to a variety of products and services across diverse segments for Indian consumers.
WHY: The deal is part of Reliance Retail's broader strategy to expand its presence in India's fast-growing beauty and personal care market. Reliance was rumored to have been one of the groups bidding for Boots earlier this year and is said to be focused on building a beauty and personal care business to rival the likes of Nykaa and Purplle.
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