Is Reliance Entering The Salon Industry?
New Delhi: Reliance Retail plans to enter the salon business and is in the final stages to buy a roughly 49% stake in Naturals Salon & Spa, the Economic Times newspaper reported on Friday.
However, Naturals’ Chief Executive CK Kumaravel was quoted as saying, “the talks are at a nascent stage,” according to the report, which cited executives aware of the development. The existing promoters of Groom India Salons & Spa, which runs over 700 Naturals salons across the country, could continue running its operations and Reliance’s funding would help extend its network, the ET report said.
No potential deal value was mentioned. Naturals and Reliance did not immediately 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 would come just weeks after it launched its first in-house premium fashion and lifestyle store. However, according to media reports, Reliance is in advanced talks for the India rights to LVMH-owned beauty chain Sephora.