MUMBAI, Oct 16: The Reliance Brands Ltd (RBL) of Mukesh Ambani's Reliance Industries
Ltd has acquired 40 per cent stake in designer Manish Malhotra's MM Styles Pvt
Ltd, according to a Reliance Brands statement.
The “strategic partnership” deal is the first “external investment” for the
eponymous brand, MM Styles Pvt Ltd, which was launched in 2005 and has been
privately held. The MM Styles luxury retail has flagship stores in Mumbai, New
Delhi and Hyderabad. Besides, it has a virtual store and over 12 million social
followers.
“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.
"Recognition and appreciation for Indian couture is at an inflexion point globally
and we are excited to partner in this journey with Manish.” said Isha Ambani,
Director, Reliance Retail Ventures Ltd (holding company of all retail companies
in Reliance Industries Limited group).
Manish Malhotra said: “The collaboration with Reliance Brands Ltd. was a natural
decision for me, as it represents both Reliance’s astute vision and the family’s
deep affinity for crafts and culture. As the brand aims for international expansion,
business diversification, and renewed creative growth, there could have been
no better strategic partner to accompany us on this journey.”
The brand plans include expansion both in India and international markets.
The consumption portfolio is expected to diversify. The partnership will bring
technology to the brand which will also boost e- commece. It already has valuable
customers in global fashion hubs.
According to reports, Reliance was also in talks to acquire Ritu Kumar's brand.
Earlier Aditya Birla Fashion and Retail Limited had bought 51 per cent stake
in designer brand Sabyasachi.
