28 January 2022, Mumbai:
Manish Malhotra, stylist of some of Bollywood’s biggest stars of the last three decades, plans to more than double his retail chain and also open his first overseas store, months after Asia’s richest man bought in his eponymous fashion house.
The first international brick-and-mortar outlet is likely to arrive in early 2023 in the US, UK as well as the Middle East, where the luxury market has an “enormous following”, Malhotra said in an interview in Mumbai. At least six new stores in India and abroad are in the pipeline, he said.
It currently has four retail sites throughout India.
Its global ambitions are driven by the investment of Reliance Brands Ltd., part of the conglomerate of billionaire Mukesh Ambani, which bought 40% of the designer’s MM Styles Ltd. in October for an undisclosed sum.
Ambani wants the operations of its flagship Reliance Industries Ltd (RIL). worldwide and also expand its growing retail empire while relying on its traditional fossil fuel-related businesses. The conglomerate also bought a 52% stake in the label from fellow Indian designer Ritu Kumar days after investing in MM Styles.
Mukesh Ambani’s Reliance Acquires Interest in Bollywood Fashion House
Reliance will seek to create a “strong technological backbone” for the Malhotra brand and build it into a “global couture powerhouse,” it said in October after announcing the stake purchase.
While Malhotra is pushing its foreign expansion plans, it seeks to create new product ranges, including jackets, shirts, shoes and bags, that can appeal to Western consumers outside the Indian diaspora.
Malhotra, 55, who became a household name in India after styling actors for a string of successful Bollywood films and beyond, launched his close-knit fashion house in 2005. He also designed the outfits and decor for the 2018 extravagant wedding of Ambani’s only daughter, Isha – an association that probably sowed the seeds for future business cooperation.
Reliance Brands has become a gateway to India for international luxury companies seeking access to one of the world’s largest retail brands and has brought at least 35 international brands including Burberry Group Plc, Hugo Boss AG and Jimmy Choo.
Luxury Rebound
The global demand for luxury goods is returning as vaccination rates around the world increase and people socialize and travel more.
In India, the luxury fashion industry is also recovering from multiple lockdowns and is set to grow from an estimated $ 1 billion last year to $ 1.5 billion in 2025, according to researcher GlobalData.
This attracts corporate finance in the fashion of India, which carries the risk of diluting the exclusivity of a brand.
Malhotra insists the label will not sell out despite its new heavyweight shareholder.
“We are not going into mass production, we will carry the luxury of the brand,” he said. “The idea is to take our Indian craft and make it global, so it’s globally understood and globally accessible and wanted.”
**The statistics mentioned in the above articles have been sourced from The Economic Times.
Credits: RVPG Media Business Standard
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