Reliance Brands Ltd (RBL) will pick a 40 per cent minority stake in renowned fashion designer Manish Malhotra's MM Styles Pvt Ltd, for an undisclosed sum, the two companies said on Friday. This is the first external investment for the brand, which had so far been privately held by the designer. The strategic partnership is aimed at accelerating the 16-year-old couture house's growth plans in India and across the globe, they said in a joint statement. "RBL has signed a definitive agreement to invest in founder and creative director Manish Malhotra's eponymous brand for a 40 per cent minority stake," it added.
Commenting on the investment, Reliance Retail Ventures Ltd Director Isha Ambani said, "Our strategic partnership with Manish Malhotra is anchored on our immense respect for his craft and our deep commitment to Indian art and culture. Being an entrepreneur, Manish, the man behind the brand, has always been nimble and ahead of his times." She further said, "Recognition and appreciation for Indian couture is at an inflexion point globally and we are excited to partner in this journey with Manish." Reliance Retail Ventures Ltd is the holding company of all retail companies in Reliance Industries Ltd group.
(To receive our E-paper on whatsapp daily, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)