1, March, 2024
HomeBusinessIsha Ambani's Reliance Retail Backs Out from Salon Chain Deal

Isha Ambani’s Reliance Retail Backs Out from Salon Chain Deal

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Reliance Retail, under Isha Ambani’s leadership, has reportedly withdrawn from the acquisition deal with Natural Salon and Spa due to differences in valuation, as per reports from the Economic Times. This development emerged shortly after Reliance’s retail arm announced its intent to acquire the beauty retail business of Arvind Fashion, including the Sephora brand operating in India, creating significant industry buzz.

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The speculated agreement with Arvind Fashion involves Reliance’s subsidiary, Reliance Beauty and Personal Care, taking over 26 stores of Sephora. The joint statement highlighted the strategic move by Reliance to expand Sephora’s reach across various Indian cities.

Amidst this, Arvind Fashion disclosed details of the transaction, pegging the enterprise value at Rs 216 crore for the equity stake sale and loan repayment. The actual equity stake sale was valued at Rs 99.02 crore.

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The beauty brands retail division of Arvind Fashion, recording a turnover of Rs 336.70 crore in FY23, contributed 7.60 percent to the company’s consolidated revenue. On the other hand, Reliance Retail holds a substantial valuation of Rs 8.4 lakh crore, emphasizing its market stature.

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