Mumbai: Retail Unit from the Reliance Industries conglomeration has acquired 52% of the shares in the popular designer label Ritu Kumar, said the company on Tuesday, in the latest bets in the rapidly growing luxury designer market in the country.
Reliance Retail does not disclose financial details of transactions, but said the majority acquisition includes buying 35% of the shares held by Everstone Capital in Ritika Pvt Ltd, a company that has a ritu kumar brand.
“We are looking at the top 20 million customers in India.
Not 1.3 billion.
Spend the discretionary wallet for products of the top 20 million customers is what we remain focused,” Darshan Mehta, CEO of Reliance Brands, who manages the luxury partnership.
For groups, to Reuters in an interview.
“If there is an opportunity to get acquisition in nature and the whole thing is right, we are there.” Kumar – famous for its ethnic design – run the brand namesake, with a list of customers including Bollywood actor Top Aishwarya Rai and Priyanka Chopra.
Some Kumar wedding clothes were given a price as high as Rs 800,000 ($ 10,660), according to the website.
Only last week, reliance bought 40% stake in a fashion house run by other popular Indian designers, Manish Malhotra.
And in January, Fashion and Retail Aditya Birla bought 51% of shares in the Sabyasachi brand, which was famous for high-end wedding clothes.
After being beaten by Pandemic Covid-19, the retail market and luxury India made a comeback.
With a high-hidden request, Darshan said the ongoing Indian celebration season “might be the best” because consumption will soar in the next four to five months.
Reliance Retail, the largest retailer in this country run by billionaire Mukesh Ambani, also has partnerships with global brands such as Burberry and Jimmy Choo through joint ventures and franchises.