Arvind Fashions said that it would sell its beauty brands segment, which retails Sephora products, to billionaire Mukesh Ambani's Reliance Retail for Rs 99 crore ($11.89 million). LVMH owns Sephora. The transaction, which would increase Reliance's assortment of foreign goods, was announced months after local media outlets said that negotiations between Sephora and Reliance Retail to establish a joint store for the Indian market had broken down. In April, Reliance introduced Tira, its own beauty retail platform, to compete with companies such as Nykaa and the Tata Group.

The enterprise value of the deal was 2.16 billion rupees, according to a regulatory filing by Arvind Fashions. Following the news, Arvind Fashions' stock rose 11.5% before giving up some of its gains to close at a 7.3% gain. In fiscal 2023, the cosmetics segment of Arvind Fashion, which houses Sephora, generated revenue of 3.37 billion rupees, or around 7.6% of the company's overall revenue.

In the preceding fiscal year, Arvind Beauty Brands Retail, under the leadership of Sanjay Lalbhai, generated ₹336.7 crore in revenue, accounting for 7.60% of Arvind Fashion's total income. In the fiscal year 2022–2023, Arvind Beauty Brands Retail Ltd. had a net worth of ₹10.6 crore, or 1% of the company's total net worth.