Naturals Eyes 2028 IPO if Reliance Stake Talks Fail

Why It Matters

A Reliance partnership could accelerate Naturals’ scale and give the conglomerate a foothold in salon services, while an IPO would open the sector to public capital and signal confidence in India’s grooming boom.

Key Takeaways

• Reliance seeks 51% stake; Naturals offers 49% control.
• Naturals targets IPO by 2028 if deal fails.
• GVM projected to rise to ₹600 crore this fiscal year.
• Chain plans 100 new salons, focusing on dense clusters.
• Indian salon market valued at $10.8 billion, growing fast.

Pulse Analysis

India’s beauty‑salon industry is undergoing a rapid transformation, driven by rising disposable incomes, a younger consumer base, and increasing female workforce participation. Naturals, with its 900‑strong footprint and a projected GVM of ₹600 crore, exemplifies the shift from fragmented, unorganised operators to scalable, brand‑centric chains. This consolidation creates a fertile environment for strategic investors seeking to capture higher margins and cross‑sell ancillary services.

Reliance’s interest in a controlling stake aligns with its broader ambition to dominate the beauty ecosystem through its Tira platform. By integrating salon and spa services, Reliance could offer a seamless omnichannel experience, blending retail cosmetics with experiential grooming. The 51% versus 49% control dispute underscores the delicate balance between capital infusion and operational autonomy, a common tension in Indian private‑equity deals. Should the partnership materialise, Naturals would gain access to Reliance’s distribution network, data analytics, and loyalty programmes, potentially accelerating its expansion and profitability.

An IPO by 2028, if the Reliance deal falls through, would open a new avenue for capital, allowing Naturals to fund its aggressive rollout of 100 new outlets and invest in technology‑enabled services. Public market entry could also set a valuation benchmark for the salon sector, encouraging further listings and attracting foreign investors keen on India’s consumer growth story. Both scenarios—strategic partnership or public listing—highlight the sector’s maturation and the increasing appetite for scalable, high‑margin consumer brands in the Indian market.

Naturals eyes 2028 IPO if Reliance stake talks fail

By Reuters · Updated · February 17, 2026 at 11:48 AM

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 CK 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 ₹450 crore (≈ $49.64 million) in fiscal 2025 and expects that figure to rise to ₹600 crore 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.

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CK Kumaravel, CEO of Naturals Salon & Spa (file photo)

Photo Credit: Siva Saravanan