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Reliance Retail and Naturals Salon & Spa terminated their acquisition agreement citing disparities in the valuation of Naturals Salon & Spa.
CK Kumaravel, co-founder and CEO of Naturals Salon & Spa, speaks to businessline about why their recent deal with Reliance didn’t work out, the trends in the beauty industry post-pandemic, and the company’s expansion plan.
Regarding the potential acquisition by Reliance Retail, Kumaravel explains the reasons behind calling off the deal, citing differences in valuation and a lack of mutual interest. The focus is placed on Naturals’ commitment to its current momentum, with the opening of numerous salons and the launch of a new beauty and retail concept called Beauty & Essentials.
Kumaravel highlights the emergence of a new trend where people seek specialised services from beauty specialists, moving away from traditional generalists. The discussion also touches upon the expansion plans of Naturals, with the opening of salons in Dubai and other international locations.
Kumaravel emphasises the changing dynamics in the beauty industry, with an increased frequency of salon visits and a rise in average bill values. The gig economy is identified as a significant factor contributing to increased employment opportunities and income levels in the beauty sector. The conversation also touches on the challenges faced during the Covid-19 pandemic and the subsequent recovery of the industry. Listen in.
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