The online beauty and personal care (BPC) market has seen an exponential growth at 20-25%, while the offline sector has been expanding at about 8-10%. Experts believe that the BPC market has a huge potential for players to grow in the long run. Many new players have forayed into the BPC space and the existing players are expanding their omnichannel presence.
The latest entrant is Tira, Reliance Retail’s beauty brand. It has launched its own app and also a flagship store in Mumbai. This newbie seems to be caching in on this growth and might soon overtake Nykaa. It was seen that Nykaa’s share prices fell and its overall stock performance dipped with Tira’s launch. Earlier, Reliance’s Ajio brand in the fashion space had impacted leading players like Myntra. So Tira could do the same in the BPC space.
Tira will be able to make a mark for itself if it can give consumers premier consumer experience like Nykaa. Also, the strong financial backing of Reliance should work in its favour. Tira also plans to attract customers with huge discounts compared to other players. With expertise in building new platforms like Ajio and a robust brand exposure, Tira should be able to reach the top.