Reliance Retail Ventures Limited (RRVL) – the retail arm of billionaire Mukesh Ambani-owned Reliance Industries, has acquired 52 per cent stake in Ritu Kumar’s popular designer label in its latest bet on the country’s booming luxury designer market.
The acquisition of the majority stake included the purchase of Everstone Capital’s 35 per cent stake in Ritika Pvt Ltd – the company that owns the Ritu Kumar brand.
The partnership between the leading designer and Reliance Retail aims to highlight the country’s re-emerging role in the international clothing industry. The collaboration aims to reinterpret age-old designs, motifs and patterns, taking the story of the country’s artistic culture beyond existing ideas in fashion and fashion.
“Very few countries can match the sophistication, style and originality of design, especially in the printing and painting of textiles and weaves found in India. We are delighted to partner with Ritu Kumar, who has strong brands Identity is the ability to scale and innovation. In fashion and retail – all key elements to build a complete lifestyle brand,” said Ms. Isha Ambani, Director, Reliance Retail Ventures Ltd.
“Together, we want to build a strong platform and customer ecosystem for our original textiles and crafts in India and around the world – so that our crafts get the respect and recognition they deserve in international textiles,” Ms. Ambani he said.
Ritu Kumar, Label Ritu Kumar, RI Ritu Kumar, RK, and Ritu Kumar Home & Living are the owners of Ritika Pvt Ltd. The classical ‘Ritu Kumar’ brand is rooted in the country’s rich heritage of textile aesthetics, and all its brands retain the original depth of embroidery, as well as artisan crafts and prints.
“This very optimistic collaboration will take forward the work we have begun in research and revitalization on India’s textile history and wealth while uncovering our design potential. This is a story that needs to be told again. One at a time, in India It was 57 per cent of the world’s GDP. Depends only on its textiles,” said Ritu Kumar, founder of the country’s oldest fashion house.
Last week itself, Reliance bought 40 per cent stake in the fashion house of famous designer Manish Malhotra. On Tuesday, October 19, shares of Reliance Industries closed at Rs 2,731.50, up 0.91 per cent on the BSE.