Talwalkars-Pantaloon JV Firm Buys Star & Sitara Brand

Talwalkars-Pantaloon JV Firm Buys Star & Sitara Brand

By Pallavi S

  • 20 Aug 2010

An equal equity joint venture between fitness chain company Talwalkars Better Value Fitness Ltd and the country’s largest retail firm Pantaloon Retail (India) Limited has acquired beauty and hair salons chain operating under the brand ‘Star and Sitara’ for an undisclosed amount.

Star & Sitara is owned by Pantaloon Group that had earlier also launched private label beauty products such as nail paints under the brand.

Pursuant to this transaction, Talwalkars’ stake in the JV-- Talwalkars Pantaloon Fitness Pvt Ltd (TPFPL) will dilute to 10%. At present, Talwalkars and Pantaloon own 50% each in the venture that is primarily in the business of setting up health clubs and allied business in malls under the sub brand ‘Fit & Active.

TPFPL intends to expand its scope of business in the wellness space and is acquiring the business of ‘Star and Sitara’ as a part of this strategy. As per Pantaloon’s website there are Star and Sitara salon in at least 24 cities in the country. Some cities have more than one such salons.

Talwalkars, that went public early this year, is backed by investors such as veteran value investor and academician Shivanand Mankekar and his son Kedar Mankekar who incidentally also bet on Pantaloon Retail much before it made it big to emerge as the largest retailer in the country.