Reliance Retail, a unit of Indian oil-to-chemicals conglomerate Reliance Industries, is about to enter the salon enterprise and is in talks to purchase a 49% stake in Naturals Salon & Spa, the chief govt of the salon chain mentioned in a social media publish on Friday.
The current promoters of Naturals Salon-parent, Groom India Salons & Spa, might proceed working operations and Reliance’s funds would assist develop its community of 700 salons in 20 states by four- to five-fold, the Economic Times had earlier reported, citing executives conscious of the event.
“Reliance Retail is yet to acquire the 49% of Naturals’ stake,” Naturals CEO CK Kumaravel mentioned in a LinkedIn publish, sharing the ET report.
However, neither Kumaravel nor the ET report talked about a deal worth. Naturals and Reliance didn’t reply to requests for remark from Reuters.
Chennai-based Naturals, based within the early 2000s, goals to run 3,000 salons by 2025, based on its web site.
Reliance’s deal for Naturals comes simply weeks after it launched its first in-house premium vogue and life-style retailer, whereas media reviews have mentioned Reliance is superior talks for the India rights to LVMH-owned magnificence chain Sephora.
Salons have been among the many hardest hit companies on the top of the COVID-19 pandemic. Naturals’ CEO Kumaravel even sought the federal government’s assist in May 2020 to maintain the chain afloat.
However, the salon enterprise is bouncing again as persons are venturing out to social occasions and places of work extra.
