Reliance Retail and Naturals Salon call off deal talks

Reliance Retail and Naturals Salon & Spa have called off their acquisition talks on differences in valuation of the latter, executives aware of the development said.

Reliance Retail had been in advanced negotiations with Groom India Salons & Spa, which owns Naturals, to acquire 49% stake in the salon chain in a deal that would have marked Reliance’s entry in the fast-growing salon business and given Naturals’ bandwidth and backing of the conglomerate to rapidly scale up amid increased competition in the sector.