Diversified FMCG company CavinKare today announced strategic partnership with country's first all-women Bharatiya Mahila Bank to promote women entrepreneurs in the organised beauty salon industry.
Green Trends, part of CavinKare's salon business unit - Trends In Vogue has signed an MoU with Bharatiya Mahila Bank.
Green Trends is planning to exit with 500 salons for this financial year 2014-15 and also introduce a first of its kind Mobile and Online check-in service in the Indian organised salon segment.
As per the agreement, the all-women bank will provide a loan amount between 65 to 75 per cent of the total project cost with 11.5 to 12.5 per cent interest for Green Trends franchises, it added.
It would also give one per cent rebate in the interest rate for the women entrepreneur.
Commenting on the development, Trends In Vogue Business Head R Gopalakrishnan said:" We have been noticing a significant upswing trend of women from various backgrounds entering this beauty salon segment and this MoU with Bhartiya Mahila Bank will further strengthen the support. We expect 40 to 60 per cent of new salons to be owned by women franchisees".
Bhartiya Mahila Bank CMD Usha Ananthasubramanian said:" We see a tremendous potential in the Indian beauty industry for women to establish themselves as entrepreneurs".
