According to the chief executive of the salon chain, Reliance Retail, a division of the Indian oil-to-chemicals behemoth Reliance Industries, is in negotiations to purchase a 49% stake in Naturals Salon & Spa.
The current promoters of Naturals Salon’s parent company, Groom India Salons & Spa, could continue managing operations and that Reliance’s funds would help expand its network of 700 salons in 20 states by four- to five-fold.
According to its website, Chennai-based Naturals, which was established in the early 2000s, plans to operate 3,000 salons by 2025.
The acquisition of Naturals by Reliance comes just after the company opened its first premium in-house fashion and lifestyle store. According to media sources, Reliance is also in advanced negotiations to acquire the Indian rights to Sephora, a beauty chain owned by LVMH.