Reliance Retail acquires 52% equity in Ritu Kumar
Reliance Retail Ventures Ltd. (RRVL) recently acquired 52 percent equity in Indian designer brand Ritu Kumar for an undisclosed amount. This move came days after the industrial giant acquired a significant stake in couture label Manish Malhotra. Reliance’s stake in the parent company of Ritu Kumar, Ritika, has given the company control over Label Ritu Kumar, RI Ritu Kumar, Aarké, and Ritu Kumar Home & Living.
The acquisition involved RRVL buying out Everstone’s 35 percent stake in the label. The latter is a private equity firm that invested about $16 million in Ritu Kumar in 2014.
“We are delighted to partner with Ritu Kumar, and together, we want to build a robust platform and customer ecosystem for our native textiles and crafts —both in India and across the world,” commented RRVL director Isha Ambani.
As mentioned in a join statement, ‘The partnership aims to highlight India’s re-emerging role in the international couture industry, through parallel tracks of sustenance and innovation. The goal is to re-interpret age-old designs, motifs and patterns that nest under the vast repository of crafts for modern accessories, stylish, textile-rich clothes and distinct couture from India.”
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