BENGALURU, Nov 4 (Reuters) – Reliance Retail, a unit of Indian oil-to-chemicals conglomerate Reliance Industries (RELI.NS), plans to enter the salon enterprise and is in ultimate levels to purchase a roughly 49% stake in Naturals Salon & Spa, the Financial Instances newspaper reported on Friday.
Nonetheless, Naturals’ Chief Govt CK Kumaravel mentioned “the talks are at a nascent stage,” in response to the report, which cited executives conscious of the event.
The present promoters of Groom India Salons & Spa, which runs over 700 Naturals salons throughout the nation, might proceed working its operations and Reliance’s funding would assist lengthen its community, the ET report mentioned.
No potential deal worth was talked about. Naturals and Reliance didn’t instantly reply to requests for remark from Reuters.
Chennai-based Naturals, based within the early 2000s, goals to run 3,000 salons by 2025, in response to its web site.
Reliance’s deal for Naturals would come simply weeks after it launched its first in-house premium vogue and way of life retailer, whereas media reviews have mentioned Reliance is advanced talks for the India rights to LVMH-owned (LVMH.PA) magnificence chain Sephora.
Salons had been among the many hardest hit companies on the peak of the COVID-19 pandemic. Naturals’ CEO Kumaravel even sought the federal government’s assist in Might 2020, to maintain the chain afloat.
Nonetheless, the salon enterprise is bouncing again as persons are venturing out to social occasions and workplaces extra.
Reporting by Praveen Paramasivam in Bengaluru; Enhancing by Savio D’Souza
Our Requirements: The Thomson Reuters Trust Principles.
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