D-Mart Founder Acquires Health & Glow: Rs. 750 Cr Deal – Beauty Market Competition!
Radhakishan Damani, the founder of D-Mart, has acquired the beauty and personal care retail chain ‘Health and Glow’. According to Economic Times, Damani has purchased the company for around INR 700-750 crore from Rajan Raheja and Hemendra Kothari.
After launching Bombay Swadeshi Stores in 2015, Damani now holds another significant retail business. The establishment of the stores was supported by Bal Gangadhar Tilak, Mummohandas Ramji, and industrialist J.R.D. Tata.
Health and Glow has more than 175 stores across the country. The first store was opened in Chennai in 1997, and since then, the company has expanded to cities like Bangalore, Pune, Mumbai, Kolkata, Bhopal, Bhubaneswar, Hyderabad, and others.
Competing with other brands, the company is expected to make a mark in the beauty and personal care market, which is valued at over 18.3 billion dollars (approximately INR 1.50 lakh crore) by the end of 2023, as per market research firm Euromonitor International.
In the first quarter of 2024, the operating results of Avenue Supermarts Limited, the company that operates D-Mart, were announced. During the April-June quarter, the company’s consolidated net profit stood at INR 658.71 crore, compared to INR 642.89 crore in the same quarter last year.
Furthermore, the company’s consolidated revenue has increased by 18.2% to INR 11,865.44 crore in 2023’s first quarter, compared to INR 10,594.11 crore in the same period last year. Apart from that, the company has opened three new stores during this quarter. As of June 30, the company operates 327 stores.
D-Mart‘s first store was opened in Mumbai in 2002. Before that, in 1999, Damani had initiated the ‘Apna Bazaar’ franchise in Navi Mumbai, which, however, did not prove to be a suitable model.
Summary
D-Mart founder, Radhakishan Damani, acquires Health & Glow in a INR 750 Cr deal, intensifying competition in the beauty market. Health & Glow has over 175 stores across India and aims to make a significant impact in the industry valued at over INR 1.50 lakh crore by the end of 2023. D-Mart’s operating results show promising growth with increased revenue and new store openings.
