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Reliance acquires stake in Ritu Kumar Fashion House

Jun 07, 2021
Reliance acquires stake in Ritu Kumar Fashion House

New Delhi

Reliance has reportedly taken controlling stake in Ritu Kumar Fashion House. As per the deal, Ritu Kumar will give a 30% stake of its private equity firm Everstone Capital to Reliance brands which is the premium-to-luxury brands operator of Reliance Retail.

Ritu Kumar Fashion House, a 5-decade old company, has been looking for raising funds to expand in the industry for many years. It owns 4 designer brands including Label, Rl, Arke, and Ritu Kumar Home. It was founded in 1969 by Ritu Kumar, who is the first lady who introduced the 'boutique' culture in India under the brand name “Ritu”. Her book ‘Costumes and Textiles of Royal India’ was launched at Christie's of London in October 1999. The brand is the largest and respected designer brands in the country.

According to the media reports, the promoters will hold a minority stake in the brand while Reliance will take an appropriate controlling stake. It also said that the brand will announce the deal next week. Everstone, a Singapore-based firm had invested in Ritu Kumar Fashion House in 2014 but with the entry of Reliance, the firm will make an exit. Reliance brands already has a share in other brands like Burberry, Gas, Jimmy Choo, and Brooks Brothers. With an investment in the Ritu Kumar Fashion Brand, Reliance Brands will add another feather to its cap.

Source – Indian Web2

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