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Reliance To Enter Salon Business, In Talks With Naturals: Report
Reliance’s fund would help expand its network while the existing promoters of Groom India Salons & Spa – the parent company of Naturals Salon could continue running operations
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Reliance Retail is set to enter the salon business and is in talks to buy a 49 per cent stake in Naturals Salon & Spa, informed the salon chain’s chief executive through a social media post on Friday.
Reliance’s fund would help expand its network while the existing promoters of Groom India Salons & Spa – the parent company of Naturals Salon could continue running operations, a media report stated, citing people aware of the development.
In a social media post, Naturals CEO CK Kumaravel said that Reliance Retail is yet to acquire 49 per cent of Naturals’ stake. However, the deal of the value is still unknown.
The acquisition news comes days after Reliance’s launch of its first in-house premium fashion and lifestyle store.
Media reports have also said that Reliance is in advanced talks for the India rights to LVMH-owned beauty chain Sephora.
(With Reuters Inputs)