Reliance Retail’s beauty retail venture, Tira, is making strategic moves to enhance its presence in the booming beauty retail industry in India. With a focus on an omni-channel retail strategy and a range of products across different price segments, Tira is set to launch a nationwide marketing campaign. As part of this initiative, the company has signed popular Bollywood actresses Suhana Khan, Kiara Advani, and Kareena Kapoor Khan as its first brand ambassadors. This move aims to leverage their star power and capture the attention of consumers across the country.
Tira’s Retail Strategy and Expansion
Tira is positioning itself as a strong competitor in the beauty retail market, competing with players like Nykaa, Tata Clique Palette, and SS Beauty. The company has adopted an omni-channel retail strategy, combining both online and offline sales channels. Its online beauty app is already operational in over 100 cities, and the company recently inaugurated its first physical store in Mumbai’s Jio World Drive mall in April.
The Booming Beauty Market in India
The beauty and personal care market in India is experiencing significant growth, driven by factors such as aspirational demand, the influence of social media, and aggressive marketing efforts by companies. According to research by IMARC, the market was valued at $26.3 billion in 2022 and is projected to reach $38 billion by 2028, with a compound annual growth rate of 6.45% between 2023 and 2028. Increasing discretionary spending and the rising number of high-street stores are further contributing to the demand in the beauty market.
Investing in Enhanced Retail Experiences
Retailers in the beauty sector are investing heavily in enhancing the in-store experience for consumers. This includes hiring beauty advisors with specialized skill sets to offer makeup application techniques, knowledge about different skin types, virtual try-on tools, and personalized recommendations. As per a report by Avendus, the overall beauty and personal care market is expected to reach Rs 2.2 lakh crore by 2025, growing four times higher than the previous year.
Reliance Retail’s Tira is poised to make a significant impact in the beauty retail industry in India with the signing of renowned Bollywood actresses as brand ambassadors. With an omni-channel approach and a focus on meeting the diverse needs of consumers across different price segments, Tira aims to capitalize on the growing beauty market. By investing in both online and offline retail experiences, Tira is well-positioned to attract customers and compete with established players in the industry.