Tira’s Bhakti Modi says FACEGYM’s niche complements the discerning, experience-oriented beauty consumer in India—who is increasingly drawn to science-backed, innovative concepts—as India’s largest retailer continues to take on the likes of Nykaa, Tata Cliq Palette, and Myntra in India’s beauty market
Reliance Retail Ventures Limited (RRVL), the retail arm of the oil-to-telecom conglomerate Reliance Industries Limited, announced on Thursday that it has made a strategic, minority investment in the U.K.-based facial fitness and skincare brand FACEGYM. The investment comes at a time when the company is making concerted efforts to expand in the high-growth beauty and wellness space.
RRVL stated that, according to the terms of the partnership with FACEGYM, Reliance Retail’s Tira will spearhead FACEGYM’s entry into India, leading its local operations and market development, and bringing the brand’s innovative concept to the Indian consumer. Reliance will establish and scale FACEGYM’s presence in India over the next five years, through a mix of standalone studios and curated spaces within select Tira stores across key cities.
“FACEGYM sits at the unique intersection of beauty, wellness, and fitness – creating a category of its own. This aligns perfectly with the discerning beauty consumer in India who is experience-oriented, and increasingly drawn to science-backed, innovative concepts,” said Bhakti Modi, co-founder and CEO, Tira, in a statement. According to Angelo Castello, the CEO of FACEGYM, the partnership with Reliance will catalyse its global expansion by establishing its presence in the dynamic Indian market.
FACEGYM is recognised worldwide for its facial workouts that instantly sculpt, lift, and depuff. It was founded by beauty and wellness entrepreneur Inge Theron. The first FACEGYM studio opened in 2014 as a concession in Selfridges. Since then, it has opened locations in key cities worldwide, including London, New York, and Los Angeles.
In FY25, Reliance Retail launched the fast fashion brand Shein in India, offering 12,000 live options, and expanded AJIO’s same-day and next-day delivery services to 26 cities, aiming to compete more closely with players like Myntra. FY25 saw a perceptible shift in Reliance Retail’s strategy, with the company pulling back from rapid expansion to focus on portfolio rationalisation and core operational efficiencies.
However, apart from a slight recovery in the fourth quarter, store expansion took a clear backseat. Net new store additions fell sharply to 504 in FY25, compared to 2,485 in FY22 and 2,844 in FY23. The store closure rate surged to 81% in FY25, up from 57% the previous year, indicating a deliberate move towards portfolio rationalisation as the company phased out loss-making or underperforming outlets.
In 2023, Reliance Retail launched Tira, an omnichannel platform dedicated to beauty products to take on the likes of Nykaa, Tata Cliq Palette, and Myntra. In 2022, Reliance Retail acquired a controlling stake in Insight Cosmetics, a cosmetics brand specialising in makeup and personal care.
Isha Ambani leads Reliance Retail, although she believes that her role transcends the boundaries of conventional leadership. “My role transcends the conventional boundaries of business leadership. It is my sacred duty to ensure that Reliance Retail's growth is intrinsically linked to India's growth story,” she told Fortune India in April.
According to Ambani, the company’s success will be measured not just by the financial performance, but by the positive and lasting impact it has on the lives of millions, and the contribution it makes to the nation’s progress, she adds.
At Reliance Retail, Isha has played a pivotal role in enhancing supply chain infrastructure and omnichannel capabilities. She is also building the FMCG business, introducing a bouquet of brands and strategic partnerships. She is also developing a designer label powerhouse for the apparel and lifestyle business.
When she joined the company in FY15, Reliance Retail had 2,621 stores, and this number increased to 19,102 stores by December 2024. Reliance Retail Ventures Ltd posted gross revenue of ₹3,06,786 crore in FY24, a growth of 17.8% over FY23. The net profit increased 20.9% to ₹11,101 crore.
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