JOIN OUR WHATSAPP CHANNEL
Reliance Retail picks up 52 percent stake in Indian designer Ritu Kumar’s brands
It wasn’t too long a time since Reliance signed an agreement with designer Manish Malhotra. And, this week, we have another piece of news to catch up on. Read for details.
In less than a week, Reliance made yet another incredible business move. Reliance Brands Ltd. procured a 40 percent stake in Manish Malhotra's couture house. On Tuesday, Reliance Retail Ventures, a subsidiary of Reliance Industries, acquired a 52 percent stake in Ritika Pvt Ltd, which heads Label Ritu Kumar, RI Ritu Kumar, Aarké, and Ritu Kumar Home and Living.
The overall chunk of the transaction was not disclosed. All that we’ve learned is that the Reliance Retail Ventures managed to possess a 35 percent stake from Everstone Capital, so the former can take maximum charge of the brands that fall under Ritu Kumar.
The agreement aims to play a significant role in International couture. Reliance Retail Ventures leave no stone unturned in the realm of business, and here’s a mission they’ve set on to make Indian textiles, motifs, and weaves known globally to gain accreditation for all of our original and one of a kind designs.
And, could be better than joining hands with a commendable designer like the 76-year-old Ritu Kumar. There’s no stopping for Ritu since 1969. Her work receives rave attention not just by fashionistas and continues to have the fame soaring by the day. There’s a legacy that grew with the designer from having Label Ritu Kumar to the latest entrant Aarké & Ritu Kumar Home and Living, there’s something to cater to all your needs from bridal trousseau to formals and furniture that can bring an abundance of smiles. The Indian-born design houses are soon going to reach new heights with all collaboration taking place at a rampant pace.
What are your views on this? Let us know in the comments below.
For more Fashion & Beauty updates, follow @pinkvillafashion
