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

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

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

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

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

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