Reliance Retail Ventures on Tuesday announced that it has acquired a 52 per cent equity stake in Ritika Pvt Ltd that owns Ritu Kumar, Label Ritu Kumar, RI Ritu Kumar, aarké, and Ritu Kumar Home and Living. Reliance Retail Ventures bought out private equity firm Everstone Group’s 35 per cent stake in the company to complete the deal to acquire majority share of the company.
The acquisition by the company comes close on the heels of Reliance Brand’s strategic tie-up with another designer label, owned by Manish Malhotra. Reliance Brands last week signed a definitive agreement to invest in founder and creative director Manish Malhotra’s eponymous brand for a 40 per cent minority stake.
Isha Ambani, Director, Reliance Retail Ventures, 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 honour and recognition they deserve in international couture.”
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. The goal is to reinterpret age-old designs, motifs and patterns that nest under the vast repository of crafts for modern accessories, stylish, textile-rich clothes and distinct couture from India.
“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% of the world’s GDP dependent only on its textiles” said Ritu Kumar, the founder of India’s oldest fashion house.
The classical ‘Ritu Kumar’ brand is rooted in India’s rich legacy of textile aesthetics. Since 1970’s it has been symbolic of how the contemporary Indian woman dresses. It is the legacy brand in India’s fashion story. Label Ritu Kumar which launched in 2002 is for a younger, global consumer of western pret. The third RI Ritu Kumar is a luxury bridal couture and occasion wear line, while aarké, the newest addition to the brand portfolio, is an accessible product line blending the aesthetics of Ritu Kumar in easy dressing meant to reach a larger consumer base. Ritu Kumar Home & Living is a category extension under Ritu Kumar for home accessories and furnishings.
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