Reliance Retail Ventures Limited (RRVL) has acquired a controlling stake in the design labels of Ritu Kumar’s, Ritika Pvt. Ltd. The size of the deal is not disclosed but it is said that RRVL has acquired more than 52% stakes in Ritu Kumar’s design labels.
Isha Ambani, Director, Reliance Retail Ventures Ltd, said “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. 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.”
Ritu Kumar, Founder of India’s oldest fashion house stated “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% of the world’s GDP dependent only on its textiles.”
Reliance is showing interest in acquiring stakes in popular fashion houses. Earlier this week, Reliance Brands Ltd. declared that it has acquired a 40% minority stake in Manish Malhotra’s company MM styles.