Mumbai : Green Trends, a part of CavinKare’s salon business unit – Trends In Vogue Pvt.Ltd., today announced its strategic partnership with Bhartiya Mahila Bank to promote women entrepreneurs in the organized beauty salon industry in India. As a part of this, Mr. CK Ranganathan, CMD of CavinKare Pvt.Ltd. has signed an MoU with Ms. Usha Ananthasubramanian CMD of Bhartiya Mahila Bank.

Green Trends plans 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 organized salon segment. Mr. R.Gopalakrishnan, Business Head Trends In Vogue (TIV) said, “The strong systems and processes followed by us helped us build a great franchise network across the existing markets and this year we want to take our brand to new markets as well. 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 percent of new salons to be owned by women franchisees.”

Commenting on the new service launch he said, “With the busy lifestyles we lead these days, waiting long hours is not an option. That’s why we are planning to introduce a high-tech method to determine how soon one can be served at our salons coupled with the ability to check in prior to arrival. The goal of this new capability is to enhance customer convenience and I am confident that this value added service will immensely benefit our customers and franchisees.”

Speaking of the pact signed with Bhartiya Mahila Bank, Mr. CK Ranganathan CMD, CavinKare Pvt. Ltd. said; “We are happy to associate with Bhartiya Mahila Bank in providing collateral free loans to prospective franchises across the country, especially women. We believe that this initiative will not only ease the overall process in setting up a salon monetarily, but also empower more women to emerge as successful entrepreneurs which is in line with the overall vision of Bhartiya Mahila Bank”.

Ms. Usha Ananthasubramanian CMD of Bhartiya Mahila Bank said; “We see a tremendous potential in the Indian beauty industry for women to establish themselves as entrepreneurs. In this regard we are pleased to tie up with Trends In Vogue Pvt.Ltd., a highly ethical and system driven company to provide investments for women to set up their salon business. With this  scheme in place, we are confident in developing more independent women as entrepreneurs across the country. ”

As per the MoU, Bhartiya Mahila Bank will provide a loan amount between 65-75% of the total project cost and is available for franchises to avail across India. The rate of interest will be from 11.5% to 12.5% (1% concession to the Women Entrepreneur).