Reliance Retail is venturing into India’s contemporary fashion and couture after acquiring a 52-per-cent stake of Ritika, which owns designer label Ritu Kumar.
The deal, its value undisclosed, includes buying the 35 per cent stake held by Everstone Capital.
“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,” said Isha Ambani, director at Reliance Retail.
The Ritika business owns four fashion brand portfolios – the classical Ritu Kumar, Label Ritu Kumar, luxury bridal couture and occasion wear line RI Ritu Kumar, Aarké – together with Ritu Kumar Home and Living.
Since 1970’s, Kumar has been symbolic of how the contemporary Indian woman dresses. The brand’s list of customers includes top Bollywood actors Aishwarya Rai and Priyanka Chopra.
“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,” said Ritu Kumar, the founder of India’s oldest fashion house.
“It’s a story that needs to be told again. Once upon a time, India had 57 per cent of the world’s GDP dependent only on its textiles.”
The acquisition follows Reliance Retail’s deal last week where it bought a 40-per-cent stake of India’s fashion house Manish Malhotra.