Reliance Retail Ventures acquires 52% stake in Ritu Kumar’s holding company
20th October 2021, Mumbai:
Reliance Retail Ventures has acquired a 52 percent stake in fashion house RitikaPvt Ltd, the holding company of designer Ritu Kumar. The company has acquired a 35 percent stake from private equity firm Everstone Capital.
With this deal, Everstone will exit the Indian designer brand that operates about seven dozen physical outlets. Everstone had invested about Rs 100 crore in the New Delhi-based designer retailer to pick the stake in 2014.
The agreement aims to play a significant role in International couture. Reliance Retail Ventures is set on to make Indian textiles, motifs, and weaves known globally to gain accreditation for all of our original and one-of-a-kind designs.
Ritu Kumar owns four designer brands including Label, RI, Aarke, and Ritu Kumar Home. The five-decade-old company had been in the market for years to raise money to fund expansion. Reliance has been aggressively buying retail brands to shore up its leadership in a market in which it’s largely pitched against Amazon and Walmart-owned Flipkart.