The Mukesh Ambani-led Reliance group has been picking up fashion brands of late. Days after acquiring a 40 per cent stake in designer Manish Malhotra’s MM Styles, Reliance Retail Ventures Ltd on Tuesday announced it had acquired a majority stake of 52 per cent in Ritika Pvt Ltd that owns designer-wear brand Ritu Kumar.
This majority equity acquisition includes Everstone’s entire 35 per cent stake.
"Today the Ritu Kumar business includes four fashion brand portfolios which cumulatively retail out of 151 point of sales globally. While the brands retain the core Ritu Kumar design DNA of embroidery, artisanal crafts and prints, each has a distinct brand definition," Reliance Retail said in release.
Commenting on the acquisition, RRVL Director Isha Ambani said, “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.”
“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 honour and recognition they deserve in international couture,” she added.
Ritu Kumar said the “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 cent of the world's GDP dependent only on its textiles.”