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India's Reliance Retail acquires 52% stake in Ritu Kumar's company
19 Oct 21 1 min read
The retail arm of Reliance Industries, Reliance Retail Ventures Limited (RRVL) led by Isha Ambani, has announced the acquisition of 52 per cent stake in Ritika Private Limited, Indian fashion designer Ritu Kumar’s company. Reliance also recently acquired a 40 per cent stake in fashion designer Manish Malhotra's MM Styles Private Limited.
Everstone, a Singapore-based private equity firm, held 35 per cent stake in Ritika Pvt Ltd, which was acquired by RRVL back in 2014 for $16.6 million. The company has now bought another 17 per cent in the label to bring its total share to 52 per cent.
Ritu Kumar, one of India’s oldest design houses with more than 800 employees, comprises three brands: the classic ‘Ritu Kumar’, edgy, global and fashion forward ‘Label by Ritu Kumar’ and bridal couture line ‘Ri’. It currently has over 50 stores in India.
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Fibre2Fashion News Desk (KD)
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