Reliance Retail plans to open a salon: Reports
According to a Friday article in the Economic Times newspaper, Reliance Retail, a division of the Indian oil-to-chemicals conglomerate Reliance Industries, intends to enter the salon industry and is close to purchasing a roughly 49% share in Naturals Salon & Spa.
However, according to the report, which named executives informed of the move, Naturals’ Chief Executive CK Kumaravel stated that “the conversations are at an embryonic level.”
According to the ET report, Groom India Salons & Spa, which manages over 700 Naturals salons across the nation, may continue operating under its current promoters, and Reliance’s money would aid in growing its network.
ET reported that.
No discussion of potential deal value was made. Reuters’ queries for comment on Naturals and Reliance were not immediately answered.
According to its website, Naturals, a Chennai-based company formed in the early 2000s, plans to operate 3,000 salons by 2025.
The acquisition of Naturals by Reliance would occur only a few weeks after the company opened its first premium in-house fashion and lifestyle store. Meanwhile, media reports claim that Reliance is in advanced negotiations to acquire the Indian rights to Sephora, the LVMH-owned beauty chain.
At the height of the COVID-19 pandemic, salons were among the industries that suffered the most. To keep the business afloat, Kumaravel, the CEO of Naturals, even requested assistance from the government in May 2020.
However, since more people are going to social events and offices, the salon industry is rebounding.