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

By Praveen Paramasivam and Chandini Monnappa

Tue, 17 February 2026 at 1:12 pm GMT+9 2 min read

By Praveen Paramasivam and Chandini Monnappa

MUMBAI, Feb 17 (Reuters) - 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)

(Reporting by Praveen Paramasivam and Chandini Monnappa in Mumbai; Editing ​by Sumana Nandy and Dhanya Skariachan)

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