Reliance Plans To Enter Salon Business; The Retail Arm Is In Addresses With Naturals Salon & Spa For The Stake
November 5, 2022: Reliance Retail is in final conversations to enter into a common adventure agreement with a 49 stake in Groom India Salons & gyms, which operates Chennai- grounded natural salons and gyms.
Reliance Retail, the retail arm of oil painting- to- telecom empire Reliance diligence, is planning to enter the salon business.
The company is in addresses to buy a 49 stake in Naturals Salon & Spa. The move will put RIL in direct competition with Hindustan Unilever’s Lakme and other brands similar as Enrich and Gitanjali.
According to an Economic Times report, Reliance Retail is in final conversations to enter into a common adventure agreement with a 49 stake in Groom India Salons & gyms, which runs Chennai- grounded natural salons and gyms.
Natural Salon & Gym presently has around 700 outlets in India and Reliance is looking to increase the chain’s footmark by 4- 5 times, a company superintendent said.
The report further added that the being promoters of Naturals are likely to continue operations and Reliance’s finances will be used to expand the brand network.
“ As a matter of policy, we don’t note on media enterprise and rumours. Our company evaluates colorful openings on an ongoing base.
We’ve made and will continue to make the necessary exposures in compliance with our scores under the Securities Exchange Board of India( Listing scores and Disclosure Conditions) Regulations 2015 and our agreements with stock exchanges, ” a Reliance Retail prophet reported on the development.
The salon assiduity was hit the hardest during the epidemic, with Groom India Salons & Spa appealing to the government for fiscal backing to keep the two- decade-old company round.
CK Kumaravel, CEO of Naturals Salon & Spa, said conversations were in the early stages. The salon assiduity was hit hard during the epidemic, but business has been good for the once seven months and Covid isn’t the reason why the company was reducing its share, he added. Naturals was set up in the early 2000s and aims to increase its footmark to 3000 salons by 2025.
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