Reliance Retail acquires 52% stake in Ritu Kumar’s designer label

In its latest investment on the country’s fast-expanding luxury designer sector, Mukesh Ambani‘s Reliance Retail Ventures Limited (RRVL) acquired a majority 52% share in popular designer labels of Ritu Kumar. Everstone Capital’s 35% investment in Ritika Privat Limited, which owns the Ritu Kumar brands, was bought out as part of the majority stake transaction.

The partnership between the two has an objective to show to the world the country’s rising role in the international couture industry. 

“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,” Isha Ambani, Director, Reliance Retail Ventures Limited, told NDTV.

”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,” she added.

Ritika Private Limited owns- aarké, Ritu Kumar, RI Ritu Kumar, Ritu Kumar Home and Living and Label Ritu Kumar.  The classical ‘Ritu Kumar’ brand preserves the  depth of embroidery, as well as artisanal skills and prints, which are steeped in the country’s rich textile aesthetics.

“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 per cent of the world’s GDP dependent only on its textiles” said Ritu Kumar, the founder of the country’s oldest fashion house.

Reliance acquired a 40% stake in a fashion house run by popular designer, Manish Malhotra, last week.