Salon chain Naturals eyeing 2028 IPO if Reliance stake talks fail, says executive

Indian salon chain Naturals remains in talks with Reliance over a potential stake sale, but discussions have slowed as the two sides have yet to agree on a deal structure, co-founder C.K. Kumaravel said in an interview.

Naturals plans to go public by 2028 if ‌negotiations with Reliance ⁠don't bear ⁠fruit, Kumaravel told Reuters on the sidelines of a Retailers Association of India event in Mumbai.

Talks, first announced in late 2022, stalled after Reliance sought a 51% stake, while Naturals was prepared to sell only 49%, so as to retain control for a few more years before considering a larger divestment, he said.


"Even if it takes time, ⁠Naturals is ‌not in a hurry, as Reliance will add significant value," Kumaravel said, confirming that the company is not in ⁠talks with other investors.

Reliance did not respond to a request for comment.

With about 900 outlets, Naturals is one of India's largest organised salon chains, ahead of peers such as Lakme and Geetanjali Salon, in a market otherwise dominated by unorganised players.

It reported gross merchandise value of 4.5 billion rupees ($49.64 million) in fiscal 2025 and expects that figure to rise to 6  billion ‌rupees this financial year.

India's $10.8 billion beauty salon market is expanding as younger consumers spend more on grooming, while rising incomes and higher participation of ⁠women in the workforce lift demand, according to consultancy Ken Research.

The chain plans to add 100 salons this year, including in Pune, focusing on dense clusters rather than scattered locations.

A stake in Naturals would give Reliance an entry into the salon and spa services, complementing its beauty retail play through Tira, as Indian consumers increasingly splurge on makeup and skincare.

($1 = 90.6580 Indian rupees)