Manish Malhotra luxury retail footprint that extends stores across Mumbai, Hyderabad and New Delhi, gets its first external investor – Reliance Brands Limited (RBL) for a 40 percent stake.
Reliance was also in talks to acquire Ritu Kumar’s brand but has now signed a definitive agreement to invest in the brand that had been so far privately held by the designer himself.
A press statement said that RBL is setting sight on home-grown talent rooted in Indian design sensibilities.
Director of Reliance Retail Ventures Ltd, Isha Ambani said that their strategic partnership with Manish Malhotra was anchored on their immense respect for his craft and their commitment to Indian art and culture. She further added that recognition and appreciation for Indian couture are at an inflexion point globally and hence they are excited to partner in this journey with Manish.
Speaking about the collaboration, Manish stated that the collaboration with Reliance was a natural decision as it represented both Reliance’s astute vision and the family’s deep affinity for crafts and culture.
Indian luxury designer brands are being sought after by larger retail companies. Earlier this year, Aditya Birla Fashion and Retail Ltd had bought a 51 percent stake in India’s biggest luxury designer brand Sabyasachi in January, tapping the ethnic wear market. Lately, Indian luxury designer brands are being sought after the large retail firms.
Congratulations M.M.