Business Expansion Business News

Reliance Retail to purchase 49% in Naturals Salon by firsst half of Q4: sources

Reliance Retail, a unit of Indian oil-to-chemicals conglomerate Reliance Industries, is set to enter the salon business and is in talks to buy a 49% stake in Naturals Salon & Spa, the chief executive of the salon chain said in a social media post on Friday.

The existing promoters of Naturals Salon-parent, Groom India Salons & Spa, could continue running operations and Reliance’s funds would help expand its network of 700 salons in 20 states by four- to five-fold, the Economic Times had earlier reported, citing executives aware of the development.

“Reliance Retail is yet to acquire the 49% of Naturals’ stake,” Naturals CEO CK Kumaravel said in a LinkedIn post, sharing the ET report.

However, neither Kumaravel nor the ET report mentioned a deal value. Naturals and Reliance did not respond to requests for comment from Reuters.

Chennai-based Naturals, founded in the early 2000s, aims to run 3,000 salons by 2025, according to its website.

Reliance’s deal for Naturals comes just weeks after it launched its first in-house premium fashion and lifestyle store, while media reports have said Reliance is advanced talks for the India rights to LVMH-owned beauty chain Sephora.

Salons were among the hardest hit businesses at the height of the COVID-19 pandemic. Naturals’ CEO Kumaravel even sought the government’s help in May 2020 to keep the chain afloat.

However, the salon business is bouncing back as people are venturing out to social events and offices more.



About Author

Leave a comment

Your email address will not be published. Required fields are marked *

You may also like

Business Expansion

Sony Laptops Are Still Part Of The Sony Family

Grursus mal suada faci lisis Lorem ipsum dolarorit ametion consectetur elit. a Vesti at bulum nec odio aea the dumm
Business Expansion

African Nations Are Struggling To Save Ready Their Wildlife

There are many variations of passages of Lorem Ipsum available but the majority have suffered alteration in that some injected
Wordpress Social Share Plugin powered by Ultimatelysocial