In India’s US $ 850 billion-plus retail business, beauty and cosmetics are one of the fastest expanding sectors.

Companies such as Sugar, Plum and Nykaa are already capitalising on the emerging market and tapping into consumer growth.

And now it has been reported that Reliance Retail may acquire Sephora’s Indian franchisee business from Arvind Fashions.

If and when Reliance Retail can secure franchise rights, it would be in the race for the fastest-growing beauty segment and would be able to diversify its overall revenue share as per the reports.

According to two senior mall executives, Reliance Retail has already notified a number of malls about the Sephora purchase and asked the malls to amend their leases in Reliance Retail’s favour.

Reliance has not yet commented on Arvind Brand’s decision to reject market rumours and speculations.

If the reports prove true, Sephora, which is owned by the LVMH conglomerate, would change hands in India for the third time.