Mukesh Ambani betting on AI to emerge leader in Rs 266340 crore market by....

Mukesh Ambani is the richest man in Asia who continues to expand his business empire. The billionaire has a real-time net worth of Rs 943950 crore. He heads Reliance Industries which is one of the largest companies in India with a market cap of Rs 20120000 crore as of May 23. His Reliance has been diversifying beyond its oil refining business and entering consumer-facing and technology-led firms such as in telecom and retail. 

The 67-year-old billionaire now wants to lead the almost USD 32 billion (Rs 266340 crore) Indian beauty and personal care segment. The latest addition to Reliance's expanding portfolio is Tira, an omnichannel beauty retail platform. It was launched by Mukesh Ambani in April last year. Tira is using artificial intelligence (AI) tools that can suggest perfumes or cosmetics. The new initiative of the brand is introduced to woo customers in the competitive Indian beauty sector.

Tejas Kapadia, head of marketing of Tira, said that the idea is to give a plethora of experiences using some form of AI, Bloomberg reported. Tira also uses electronic vending machines in its stores to dispense free samples of skincare products, he added. The new Reliance venture has 12 stores across India and a website. It is competing with brands like Tata Group’s Palette and Nykaa, the current market leader. The conglomerate’s retail business headed is by Mukesh Ambani’s daughter Isha Ambani. 

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