Reliance Retail Ventures Ltd (RRVL) on Tuesday acquired an additional 35 per cent equity stake in popular labels of Ritu Kumar. Ritika Pvt Ltd owns Ritu Kumar, Label Ritu Kumar, RI Ritu Kumar, Aarké and Ritu Kumar Home and living. The Ritu Kumar brand is deeply rooted in making ethnic apparels.
RRVL earlier held a 17 per cent stake in Ritika. With the fresh buy, it has become a majority stakeholder with 52 per cent stake in the fashion house.
This is not an isolated case. Reliance has been on a shopping spree. Last week, Reliance Brands bought a 40 per cent stake in popular designer Manish Malhotra’s MM Styles.
RRVL, a unit of Reliance Industries, bought the stake held by Everstone Capital, a Singapore based, India-focused private equity firm in Ritika. Everstone had acquired the stake in 2014 for $16.6 million.
“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 Isha Ambani, Director, RRVL, in a statement.
”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 Ambani in the statement.
On the acquisition, Ritu Kumar, the founder of the country’s oldest fashion house, said, “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 cent of the world’s GDP dependent only on its textiles.”
The brand has been reigning the Indian fashion industry since its inception. Label Ritu Kumar was launched in 2002. RI Ritu Kumar is a luxury bridal couture and occasion wear line, while Aarké is the latest addition to its collection.Internet Explorer Channel Network