Ambani group-backed Reliance is in talks to acquire 30% stakes in the fashion apparel label, Ritu Kumar. As per the reports, the company is planning to acquire major stakes of the Ritu Kumar label to establish a big hold over the fashion industry. It is also being said that Reliance is in talks to buy stakes which are at present held by Everstone Capital, along with that, prominent share as well, which is held by the promoter in the fashion label itself.
Furthermore, as per the latest fashion news, Reliance is seemingly going to acquire the controlling in the stakes in the fashion label of Indian fashion designer Ritu Kumar, while the promoters will be possessing a small amount of the stakes.
Reliance in the past few months has been in talks for acquiring a lot of companies and brands to compete with its competitors in the fashion industry and markets like Flipkart, and Amazon Inc, acquired by the American company - Walmart.
The Ritu Kumar Fashion House owns four brands which include Ritu Kumar, Label, and Ritu Kumar Home, along with RI. The label is almost fifty years old and was trying to raise funds for quite some time now.The Ritu Kumar label is a New Delhi-based fashion and apparel brand. So far, no announcement of acquiring the stake has been made by Reliance and Ritu Kumar label, however, the official announcement is expected to be made in the coming weeks.
This agreement is said to provide Everstone Capital an exit from the fashion designer clothing brand. Everstone regulated most stores and outlets of the brand across the nation. It had invested a hefty amount in the Indian fashion designer Ritu Kumar Label Fashion Brand around 7 years back in 2014.
Reliance offers products ranging from premium to luxury quality. It markets various premium brands in India. Some of them include Burberry, Kate Spade, Brooks Brothers, Diesel, and Steve Madden.
Reliance Brands, one of the most prominent luxury brands operator of Reliance Retail, holds a market share of about four dozen global premium luxury labels. Reliance Retail is India's largest Retailer by revenue and has stepped up on a shopping spree over the past year. It is being witnessed that Reliance is on the path of becoming the jack of all the industries. Sign into our newsletter and stay updated with the latest fashion news.