THE WHAT? Reliance Retail Ventures has acquired a majority stake in Insight Cosmetics in a deal said to be valued at US$10 million to US$15 million, according to a report published by Mint quoting sources ‘familiar with the matter’.
THE DETAILS The Mumbai-based brand is distributed throughout India via both bricks and mortar and e-commerce and its range spans some 350 SKUs.
THE WHY? Reliance was rumored to be bidding for Boots earlier this year and the experience has clearly left the Indian retail behemoth hungry for a slice of the cosmetics industry. It’s said to be keen to build a beauty and personal care business to rival the likes of Nykaa and Purplle.