- By Vaamanaa Sethi
- Fri, 21 Jul 2023 01:54 PM (IST)
- Source:JND
Billionaire Radhakishan Damani, who is the founder of D-Mart chain, has acquired Bangalore-based beauty and personal care brand Health and Glow for Rs 750 crore, sources were quoted as saying by The Economic Times.
The beauty brand was owned by Rajan Raheja and Hemendra Kothari. Industrialist Rajan Raheja owns Exide Batteries, Raheja QBE General Insurance, Australia's QBE Insurance and Outlook publishing Group. He recently sold a majority stake in his cable TV venture Hathaway to Reliance Industries.
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Whereas, Hemendra Kothari chairs DSP Investment Managers, which was founded in 2008 in partnership with BlackRock.
This would be the second big purchase made by Damani after it bought Bombay Swadeshi, the country's oldest retailer that counted freedom fighters Bal Gangadhar Tilak, Mummohandas Ramji and industrialist JRD Tata as its founding fathers, in 2015 for Rs 42 crore.
According to the ET report, the transaction was done through Damani’s flagship investment vehicle Bright Star Investments and was signed last week but kept as a secret.
Damani owns 14 stocks worth over ₹166,949.6 crore including VST industries where he is the largest shareholder and India Cement, where has a 21% ownership.
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Health and Glow was conceived in 1997 and opened its first store in Chennai. The business now has a network of over 175 stores located across Indian cities including Bengaluru, Mangaluru, Pune, Mumbai, Cochin, Kolkata, Bhopal, Bhubaneshwar, and Hyderabad among other locations.
The company clocked ₹200 crore topline and is expected to close FY23 with Rs 370 crore of sales with a 15% Ebitda margin, as per ET report. "The challenge will be to make it a pan India brand and make it truly omni-channel. It is still primarily a physical format." an official was quoted as saying.