New Delhi: Radhakishan Damani, owner and founder of Avenue Supermarkets which runs the D-Mart chain, acquired Health and Glow, a Bangalore-based beauty and personal care for Rs 700-750 crore.
The owner of D-Mart obtained the personal care retail chain from the family offices of capitalist Rajan Raheja and investment banker Hemedra Kothari.
Health and Glow
Health and Glow was founded in 1997, and its first physical store opened in Chennai. Now the company runs over 175 stores scattered across Indian cities including Bengaluru, Mangaluru, Pune, Mumbai, Cochin, Kolkata, Bhopal, Bhubaneshwar and Hyderabad which are some of the prominent store’s locations.
Self-care brand in the Financial Year 2022 made sales worth Rs 200 crore and is expected to gain over Rs 370 crore of sales in the financial year 2023 along with a 15 per cent Ebitda margin.
Damani, whose net worth amounts to $15 billion, in 2015 acquired the Bombay Swadesh Stores, India’s oldest retailer, founded by freedom fighters Bal Gangadhar Tilak, Mummohandas Ramji and industrialist JRD Tata for RS 42 crore.
Damani made the sale from Rajan Raheja and Hemendra Kothari.
Raheja is the owner of Exide Batteries and Raheja QBE General Insurance. Previously, he sold a huge portion of the stake of his cable TV venture Hathway to Reliance Industries.
On the other hand, Kothari is the chairman of DSP Investment Managers. the company has $15 billion in assets under management.
Entering into Nykaa’s domain
The agreement was done through Damani’s investment company, Bright Star Investment, last week.
As per Euromonitor International, a London-based market research company, Health and Glow firm is estimated to be $18.3 billion by the coming end of 2023.
Up until now, Nyka has been dominating the personal care sector in the recent past, which at present is witnessing the entry of consolidation of brands or bigger conglomerates.
The firm has been operating 327 stores with an Area of 13.5 million sq. ft spread across Maharashtra, Gujarat, Daman, Andhra Pradesh, Karnataka, Telangana, Tamil Nadu, Madhya Pradesh, Rajasthan, NCR, Chhattisgarh and Punjab as of June 30, 2023.
