Reliance Retail in talks to buy 49% stake in Chennai-based Naturals Salon & Spa
In September, Reliance Retail launched its first in-house premium fashion and lifestyle store, and is in advanced talks for the India rights to LVMH-owned beauty chain Sephora.
plans to enter the salon business and is in talks to buy a 49% stake in Chennai-based .
On this development, CK Kumaravel, CEO of Naturals Salon & Spa, told YourStory, "The talks are in the nascent stage." However, he refused to share any details on this development.
Kumaravel took to LinkedIn today to share, "Reliance Retail is yet to acquire the 49% of Naturals' stake."
He further added, "The multinational conglomerate is about to enter the salon industry. This is the largest turn in Naturals' history. And there is going to be huge growth from the total of 700 salons, there will be an increase of 4-5 times. We'll be witnessing the tremendous changes in the Naturals Salon & Spa over the upcoming years."
YourStory sent queries to Reliance Retail but hasn't received any response yet.
According to Naturals Salon & Spa's website, it operates 700 stores in 20 states, employing 10,000 people. It plans to expand to 3,000 stores by 2025.
Naturals Salon & Spa was founded in 2000 by K Veena and then later, her husband, co-founder and CEO, CK Kumaravel joined in 2004.
In September this year, Reliance Retail launched its first in-house premium fashion and lifestyle store. According to media reports, Reliance is also in advanced talks for the India rights to LVMH-owned beauty chain Sephora.
Edited by Kanishk Singh