Reliance Brands acquired a majority stake in Ritu Kumar's designer labelReliance Retail Ventures Limited (RRVL)- the retail arm of billionaire Mukesh Ambani-owned Reliance Industries acquired a majority 52 per cent stake in popular designer labels of Ritu Kumar, in its latest bet on the country's fast-expanding luxury designer market.The majority stake acquisition included buying out the 35 per cent stake held by Everstone Capital in Ritika Private Limited-the company that owns Ritu Kumar brands.The partnership between the pioneering designer and Reliance Retail aims to highlight the country's re-emerging role in the international couture industry.The goal of the collaboration to reinterpret the age-old designs, motifs, and patterns, that take the story of the country's artisanal culture beyond the existing ideas in couture and fashion."Very few countries can match the sophistication, style and originality of design, especially in printing and painting of textiles and weaves, found in India.
We are delighted to partner with Ritu Kumar, who possesses strong brand recognition, potential for scale, and innovation in fashion and retail - all key ingredients to build a complete lifestyle brand,'' said Ms Isha Ambani, Director, Reliance Retail Ventures Limited.''Together, we want to build a robust platform and customer ecosystem for our native textiles and crafts - both in India and across the world - so that our crafts receive the honor and recognition they deserve in international couture,'' added Ms Ambani.Ritika Private Limited owns- Ritu Kumar, Label Ritu Kumar, RI Ritu Kumar, aark, and Ritu Kumar Home and Living.The classical Ritu Kumar' brand is rooted in the country'srich legacy of textile aesthetics, andall her brandsretain the coredepth of embroidery, as well as artisanal crafts and prints."This very optimistic collaboration will further the work I started in researching and reviving India's textile history and wealth while highlighting our design ability.
It's a story that needs to be told again.
Once upon a time, India had 57 per centof the world's GDP dependent only on its textiles" said Ritu Kumar, the founder of the country's oldest fashion house.Just last week, Reliance bought a 40 per cent stake in a fashion house run by popular designer, Manish Malhotra.
On Tuesday, October 19, shares of Reliance Industries settled 0.91 per cent higher at Rs 2,731.50 apiece on the BSE.