Naturals Salon Chain Considers 2028 IPO Amid Stalled Reliance Stake Talks
Naturals plans a 2028 IPO if current talks with Reliance over a stake sale fail. Co-founder C.K. Kumaravel says the sides disagree on the deal structure.
Insights:
The Indian salon chain Naturals is currently in negotiations with Reliance Industries Limited regarding a potential stake sale, although the progress of these talks has slowed due to a disagreement over the deal structure. Naturals, which maintains a prominent presence in India 
IN, has indicated that it will pursue an initial public offering by 2028 if the discussions with the conglomerate do not lead to a finalized agreement. This potential deal is significant as it would provide Reliance with a strategic entry into salon and spa services, complementing its existing beauty retail play, Tira.
IN, has indicated that it will pursue an initial public offering by 2028 if the discussions with the conglomerate do not lead to a finalized agreement. This potential deal is significant as it would provide Reliance with a strategic entry into salon and spa services, complementing its existing beauty retail play, Tira.These negotiations were first announced in late 2022 and remain unresolved as of February 17, 2026. The acquisition of a stake by a major player like Reliance could materially change the competitive dynamics within the Indian beauty salon market, resulting in a sector-level impact. This market is currently composed of various organized chains including Lakme and Geetanjali Salon. Industry observers, including the Retailers Association of India and Ken Research, have noted the potential for such a move to reshape the professional grooming landscape.
