Reliance Retail Ventures buys 52 per cent stake in designer Ritu Kumar's firm

20-10-2021

New Delhi, (UNI) Mukesh Ambani-led Reliance group seems to be on acquisition spree. Days after one of its group firms signed pact to buy 40 per cent stake in designer Manish Malhotra's MM Styles, Reliance Retail Ventures Ltd (RRVL) on Tuesday said that it has acquired majority stake in Ritika Pvt Ltd that owns designer-wear brand Ritu Kumar.

RRVL’s majority equity acquisition in Ritika includes Everstone's entire 35 per cent stake in the company.

In green energy space, Reliance last week signed a string of deals to boost its portfolio in solar power and green hydrogen.

Commenting on the acquisition of 52 per cent stake in Ritika Pvt Ltd, Isha Ambani, Director, RRVL 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,” she further said.

Ritu Kumar business includes four fashion brand portfolios which cumulatively retail out of 151 point of sales globally.

In an official statement, RRVL said that the partnership with Ritu Kumar aims to highlight India’s re-emerging role in the international couture industry, through parallel tracks of sustenance and innovation.

“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.