Reliance Retail, run by Indian billionaire Mukesh Ambani's conglomerate Reliance Industries Ltd was in advanced talks to get the rights for beauty retailer Sephora in India. However, Mint reported Reliance Retail Ltd and the French beauty retail conglomerate abandoned talks regarding the master franchise rights for Sephora in India, the eighth largest beauty market in the world.

Sephora will not choose a new franchisee in India, continuing its relationship with Arvind Fashions Ltd. Arvind Fashions has held the franchise for the market since 2015 and will continue as the operator of Sephora's 25 stores carrying 90 brands in 13 Indian cities.

India's biggest retailer is interested in securing a piece of the $15 billion beauty category. Reliance has plans to build a portfolio of 50 to 60 food, home, and personal care brands and is reportedly assembling an army of distributors to penetrate mom-and-pop shops across the country, according to Reuters.

Reliance is also creating its own multi-brand beauty retail format carrying mass and mass-premium international and local brands under the Tira brand. The concept will compete with Sephora, Nykaa, and Shopper's Stop, with the first store expected to open at Jio World Drive Mall, Mumbai.