Reliance Retail Acquisition: Reliance Retail Ventures Limited (RRVL), the retail company of Reliance Industries, has bought 52 percent stake in Ritika Private Limited, the company of well-known fashion designer Ritu Kumar. It is not yet known how much this deal was done.
Ritu Kumar has four fashion brand portfolio
The joint statement of both the companies said that the acquisition of RRVL also includes Everstone’s 35 per cent stake in Ritika Pvt Ltd. Everstone is a global equity firm that invests in companies in emerging economy countries. Ritu Kumar’s company has four fashion brand portfolio. These are- Label Ritu Kumar The Third Ritu Kumar, Arch and Ritu Kumar Home and Living.
Reliance also bought stake in Manish Malhotra’s company
Last week, Reliance Brands Limited (RBL) also announced a strategic tie-up with another fashion designer Manish Malhotra. Under this, Reliance Brands had said last week after an agreement with Manish Malhotra, the founder and creative director of this fashion label, that the company will buy 40 percent stake in Manish Malhotra Styles Private Limited.
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Isha Ambani said, trying to become a complete lifestyle brand
Isha Ambani, Director, RRVL said that we are very happy with the company’s partnership with Ritu Kumar. Ritu Kumar has a strong brand, strong growth potential and many innovations in the fashion and retail segment. All these elements are necessary to build a complete lifestyle brand. Ritu Kumar said that she is very optimistic about the alliance. The research he did for India’s textile and the effort he made to revive it will now get more momentum. RRVL is a subsidiary of Reliance Industries Limited. It is the holding company of Reliance Retail Company Limited. The company handles the retail business of the group.
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