By Martin Shwenk Leade
Reliance Retail Ventures Ltd (RRVL), the holding company for all retail businesses of Reliance Industries, has made a 鈥渟trategic minority investment” in UK-based Facegym which is into facial fitness and skincare, as the Mukesh Ambani-owned venture expands presence in the high-growth beauty and wellness space.The company said in a media release that Reliance Retail will launch the Facegym brand in India through standalone stores and designated spaces inside select Tira stores over the next five years. Tira is the beauty retail format of the group.Bhakti Modi, co-founder & CEO of Tira, said FACEGYM sits at the unique intersection of wellness, and fitness, creating a category of its own. 鈥淭his aligns perfectly with the discerning beauty consumer in India who is experience-oriented, and increasingly drawn to science-backed, innovative concepts,鈥 she said.Reliance Retail currently sells international beauty brands and operates stores like Sephora, Huda and Laura Mercier amongst others. Facegym was founded in 2014 in London as a concept which combines skin care and facial exercises together. The brand is currently present in Manchester, New York, Los Angeles and Sydney.Indian is amongst the fastest growing beauty markets in the world with the market size being over $20 billion in 2023 and expected to grow at a CAGR of 11% between 2023-2028 to reach $34 billion. This growth is expected to be driven by skin care. Skin is expected to contribute 13% of the total market size.Live Events(You can now subscribe to our Economic Times WhatsApp channel)
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