Reliance in talks to acquire major stakes in Ritu Kumar
The deal can be announced as early as next week
Ambani group-backed Reliance Brands is in talks to buy 30% stake in widely popular fashion brand Ritu Kumar. The company is reportedly set to move in on the stake held by equity firm Everstone Capital and a big chunk of the promoter’s holdings. Everstone has been operating over 84 stores and brand across the country and had invested more than ₹ 100 crore in the Ritu Kumar label around 2014.
Reliance Brands markets several premium labels in the country including Burberry, Bally, Gas, Brooks Brothers and Steve Madden and after acquiring rival company Genesis Luxury the company took over the retail of many other fashion biggies such as. Salvatore Ferragamo, Jimmy Choo, Giorgio Armani, Michael Kors and Paul Smith.
The 50-year-old fashion house founded by Ritu Kumar, often referred to as the doyen of Indian haute couture - currently owns four brands including RI, Label, and Ritu Kumar Home and has reportedly been trying to secure funds for a while. The brand began its journey in the mid-60s as Kumar realised the rapidly changing demands of fashion, and substituted machine-made pieces for handmade ones prioritising homegrown textiles. In 1991, Kumar presented the 'Tree of Life' show, arguably referred to as India's first fashion show which showcased wearable picks in chikankari and kamalmakri. Kumar launched her western pret brand in 2002 and a home and living line in 2019.