Radhakishan Damani, billionaire investor and founder of Avenue Supermarts that runs the D-Mart chain, has acquired Bengaluru-based beauty and personal care retailer Health and Glow for around Rs 700-750 crore from Rajan Raheja and Hemendra Kothari's family offices, the Economic Times reported on July 21.
Moneycontrol could not independently verify the report.
Rajan Raheja, an industrialist with interests in cement, tiles, financial services, automotives, and insurance, owns Exide Batteries, Raheja QBE General Insurance, which he owns jointly with Australia's QBE Insurance and Outlook Publishing Group. His cable TV venture Hathaway was sold to Reliance Industries for a majority stake, the report added.
Veteran investment banker Hemendra Kothari heads DSP Investment Managers, which manages $15 billion in assets. Ten years after founding the firm with BlackRock, he bought out the Wall Street asset manager's stake. Also in 1995, he partnered with Merrill Lynch but sold his 57 percent stake in tranches between 2005 and 2009, as per the report.
Health and Glow
Founded in 1997, Health and Glow is headquartered in Chennai. As of now, the business operates more than 175 stores in Indian cities including Bengaluru, Mangaluru, Pune, Mumbai, Cochin, Kolkata, Bhopal, Bhubaneshwar, and Hyderabad. With sales of Rs 370 crore and a 15 percent Ebitda margin for FY23, the company, which had a topline of $200 crore in FY22, expects to close the year with a topline of $200 crore.
Earlier, the company's management stated that the focus would primarily be on personalisation, omnichannel presence, and innovation in efficacious products.
"The challenge will be to make it a pan-India brand and make it truly omnichannel. It is still primarily a physical format," the financial quoted an official as saying.
According to Euromonitor International, India's beauty and personal care market is expected to reach $18.3 billion by 2023. Newer, well-funded players, such as Nykaa, have dominated the sector in recent years, where brands are increasingly being consolidated or bigger conglomerates entering the market, according to the report.
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