Reliance Retail to acquire beauty biz

New Delhi: India’s leading retailer Reliance Retail Ventures Ltd (RRVL) will acquire the beauty retail business of the Lalbhai family-promoted Arvind Fashion, expanding its play in the fast-growing Beauty and Personal Care (BPC) market.Arvind Fashion on Friday said it has entered into a Share Purchase Agreement (SPA) with Reliance Beauty & Personal Care Ltd (RBPCL), a wholly-owned subsidiary of Reliance Retail Ventures Ltd to sell and transfer the entire equity stake held by the company.

Upon completion of the formalities under the said SPA, Arvind Beauty Brands Retail would cease to be a subsidiary of the company, according to a regulatory filing from the Ahmedabad-based company.