The platform, with dedicated makeup, skin and haircare, fragrances, bathing, men’s beauty and luxury sections, as well as, on Tuesday, a Valentine’s section, is open initially to all Reliance employees and will soon be enabled for consumers.
“The platform has a dedicated luxury section which is in direct competition to Nykaa Luxe,” said an executive with direct knowledge of the details.
ET first reported about Reliance’s plan to develop an omni-channel beauty platform in its January 25 edition last year.
“We stock products that are formulated by experts and backed by industry insiders. Tira is the destination for those looking for unheard of skincare lines or a cult-favourite makeup,” the platform has announced on its app, according to another executive.
An email seeking comment from Reliance Retail remained unanswered at press time Tuesday.
In a post-earnings management commentary, Reliance Retail said that digital commerce and new commerce businesses grew 38% year-on-year in the quarter through December 2022.Reliance Retail has also been operating a beauty ecommerce platform on its JioMart platform, which retails products for makeup, skin care and fragrances.
With Tira, which Reliance plans to scale up with a vast collection of mass, premium and luxury labels and its own private labels, the company is also pursuing an omnichannel retail strategy, with focus on both online and physical stores, executives aware of the plans said.
It is firming up launch plans for its offline stores under the Tira brand too, one of the executives cited earlier said.
Nykaa and Tata Cliq, too, have plans to set up or expand physical stores to sell their beauty products, with demand back to offline shopping.
Falguni Nayak’s Nykaa, in the company’s earnings call after the December quarter, said that it had 141 physical stores and planned to open another 50 in 2023. “Even though physical retail accounts for less than 10% of our revenue, there’s opportunity for growth in general trade and modern trade,” Nayar had said.
Global market research and consumer data platform Statista said in a 2021 report that India ranked fourth in revenue generation from the beauty and personal care market, just behind the US, China, and Japan, projecting that online sales would grow 18.2% in the next few years.
Another report by Avendus forecast the online personal-care and beauty market in India to reach $4.4 billion by 2025. The report added that the number of online beauty and personal care shoppers could increase by over four times — from 25 million in FY20 to 110 million in FY25.