Arvind Fashions of India Will Sell Its Sephora Retail Subsidiary to Ambani’s Reliance Industries.

Arvind Fashions said on Friday that it would sell its beauty brands segment, which sells LVMH-owned Sephora items

Reliance Retail, a subsidiary of Reliance Industries, is India’s biggest retailer, with a diverse range of retail shops selling everything from meals

The agreement, which will add foreign brands to Reliance’s portfolio, comes months after local media claimed that Sephora

Tira, Reliance’s own beauty retail platform, was established in April to compete with Nykaa and the Tata Group.

Arvind Fashions stated in a regulatory filing that the transaction had an enterprise value of 2.16 billion rupees.

Arvind Fashions shares jumped 11.5% following the announcement, before settling at a 7.3% gain.