New Delhi: Reliance Brands, part of the Mukesh Ambani-LED Reliance Industries, has picked up 40% of the shares in Manish Malhotra, the Indian couture brand is widely favored by a heeled Bollywood celebrity.
This step, which aims to strengthen its Relianya portfolio from a household designer label, follows people like Aditya Birla Fashion & Retail (ABFL) who have obtained important bets in ethnic clothing brands such as Tarun Tahiliani, Sabyasachi and Jaypore.
Apart from the physical retail expansion, the partnership between the Reliance and MM style, the parent of the Manish Malhotra brand, can cause offers in a different price brackets – efforts to democratize the charm of labels known for complicated and expensive wedding clothing.
However, the size of the agreement was not disclosed.
With the domestic mode industry shaken from a pandemic attack, even ABFL has adopted a similar strategy with an agreement with Tahiliani’s fashion designer, because it will have 80% of shares in new entities that will develop and launch affordable ethnic premium wear and accessories.
“This is the right time for this powerhouses to shop for Indian designer labels, because their sales are bad compared to international luxury brands.
They need the capital to survive,” said an industrial veteran who did not want to be named.
After the Reliance investment, Manish Malhotra, the designer behind the 16-year-old brand, will continue in a helmet as managing and the Director of Creative.
Reliance has shares in two other original labels, Satya Paul and Raghavendra Rathore.