Mukesh Ambani and Isha Ambani have further strengthened Reliance Retail’s position in the beauty sector with the strategic acquisition of Italian beauty brand Kiki Milano for a reported INR1 billion, according to reports.

This acquisition marks a key milestone in Reliance Retail’s strategic expansion into the beauty market in an effort to compete with Tata, Nykaa, as well as Sephora.

“As part of Reliance Retail’s strategic expansion in the beauty sector, the acquisition of Kiko Milano earlier this year has brought Italy’s most beloved cosmetics brands to Indian shores,” the company said in a press release.

Kiko Milano previously operated in India through a joint venture between Italy’s Percassi Group and New Delhi-based DLF Brands Ltd.

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Kiko Milano will be available at exclusive brand stores in Delhi, Mumbai, Pune, and Lucknow.

It offers around 1,200 makeup, skincare, and accessory products and will be integrated within Reliance Retail’s existing beauty ventures, including Tira— an AI-powered premium beauty platform launched last year.

The acquisition highlights the growing appeal of the Indian market for global beauty brands, drawing international attention to India’s expanding consumer base.

Isha Ambani is a director at Reliance Retail and has been instrumental in its expansion as well as bringing global luxury brands to India.

India’s growing millionaire base is fast driving the demand for global luxury including cars, real estate and fashion.

Real estate consultancy Knight Frank has estimated that India will have 1.4 million millionaires by 2026, 77% more than in 2021, as the economy continues to strengthen.

Last year, Reliance-led mall Jio World Plaza opened in the heart of Mumbai, housing Louis Vuitton, Gucci and Tiffany, along with a host of Indian designers.

Mukesh is Asia’s richest man and the chairman of Reliance Industries. He has a net worth estimated at $123 billion by Forbes