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New Delhi: India’s Tata Group is all set to venture into billion dollars industry of personal beauty in India. According to the some reports, the organization is planning to open at least 20 ‘beauty tech’ stores across in the big cities to provide shoppers the services related to premium beauty and cosmetic products. Affluent customers can do shopping in the virtual makeup kiosks and getting recommendations of cosmetic products after digital skin tests.
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The move is considered as the Group’s aim to compete against the industry leaders in the cosmetic and beauty products in India – Home-Grown Nykaa and LVMH’s Sephora.
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The move pits Tata, whose interests range from cars to jewellery, against LVMH’s Sephora and domestic rival Nykaa for a share of the fast-growing $16 billion beauty and personal care market in the world’s second-most populous country.
Tata is eyeing what it calls a “beauty enthusiast” in India aged between 18 and 45 years who likes to buy foreign brands such as Estee Lauder’s M.A.C and Bobbi Brown, according to the document, which lists The Honest Company, Ellis Brooklyn and Gallinee as potential partners. Tata is in talks with more than two dozen companies to supply exclusive products to the new stores, according to the person familiar with the strategy, who did not name specific brands.
The store opening plans, still under wraps, follow the recent launch of Tata’s beauty shopping app, called Tata CLiQ Palette. The company is already in the brick-and-mortar retail business in India, where it has joint-venture partnerships with global brands such as Zara and Starbucks.
Indian beauty retailer Nykaa, backed by private equity firm TPG, asset manager Fidelity and endorsed by a Bollywood celebrity, has said it plans to open as many as 300 stores, from 124 now. The 10-year old company, which started as an online-only retailer, attracted attention to the sector last year when its stock nearly doubled after listing on the Mumbai stock exchange, valuing the company at the time at $14 billion.
(With Reuters Inputs)