03 March 2022, Mumbai:
Reliance Retail Ventures Ltd. (a subsidiary of Reliance Industries Limited) has acquired controlling ownership in Abraham & Thakore Exports, an indigenous designer brand.
The deal's value isn't revealed. In 1992, David Abraham and Rakesh Thakore founded the company, which was later joined by Kevin Niggli.
Together, they unleashed the potential and power of Indian handlooms by infusing them with modernity and purpose via unusual, even non-conformist weaving and design interventions. It's worth noting that the design team of David Abraham, Rakesh Thakore, and Kevin Niggli will continue to steer the brand's creative path.
"Reliance Retail Venture seeks to leverage its subsidiary Reliance Brands Ltd.'s deep understanding of the affluent Indian customer and their heft across digital, retail operations, marketing, and supply chain platforms to build brand Abraham & Thakore's global appeal in the fashion and lifestyle category," according to a statement from Reliance Retail.
RRVL is a subsidiary of Reliance Industries Ltd. It serves as the holding company for the Group's retail businesses.
For the fiscal year ending March 31, 2021, it had a combined turnover of Rs. 1,57,629 crore. Apart from investments in designer Manish Malhotra, Reliance Retail formed a collaboration with Indian couturier, Anamika Khanna, last year.
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Isha Ambani, Director, Reliance Retail Ventures Limited, said, "Abraham & Thakore's innovative use of material and creative take on conventional textile methods have established a highly distinctive design trademark for the brand."
There is a wider awareness of Abraham & Thakore's timeless design as a result of a generational shift in Indian luxury clientele, and we are happy to partner with the brand to bring its distinctive depiction of Indian workmanship to consumers all over the world."
The partnership, according to David Abraham, would increase the brand's awareness and bring together fashion and lifestyle sectors such as home furnishings and leisurewear.
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*CREDITS: Apparel Reources.
