Indian retail juggernaut Reliance Retail Ventures Limited announced on Thursday that it has made a minority investment in the UK-based facial chain Facegym. Financial terms of the deal were not disclosed.
Facegym, founded by Inge Theron in 2014, offers facial treatments with a “workout” theme that involve techniques like massage and microcurrent to give the skin a more lifted and sculpted appearance. It offers treatments in its own stores, and also in retailers like the UK’s Selfridges and the US’ Saks.
Over the next five years, the partnership with Reliance will see Facegym open its own studios in India with the retailer’s support, as well as offering services within select Reliance beauty retailer Tira stores.
Tira’s focus is to introduce top global brands and concepts to the Indian consumer, Tira co-founder and chief executive Bhakti Modi said in a statement, adding that Facegym’s offering straddles beauty, wellness and fitness. “This aligns perfectly with the discerning beauty consumer in India who is experience-oriented, and increasingly drawn to science-backed, innovative concepts,” he said.
Facegym CEO Angelo Castello said the company could now ratchet up its international footprint and become one of very few beauty services that has a global presence.
The investment will also add another prong to Reliance’s wider strategy to keep growing Tira in the Indian market, against stiff competition from rival retailer Nykaa.
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