Reliance Retail acquired major stakes of 52% in Ritu Kumar's design label
Earlier RRVL bought a 35 per cent stake in Everstone, a firm that had already invested in Ritika.
Reliance Retail Ventures Limited (RRVL) announced that they acquired 52 per cent equity stakes in Ritika Pvt. Ltd. owned by Ritu Kumar, who also owns Label Ritu Kumar, aarké, RI Ritu Kumar and Ritu Kumar Home and Living. Earlier RRVL bought a 35 per cent stake in Everstone, a firm that had already invested in Ritika.
RRVL has been on a shopping spree as they recently acquired a 40% stake in Manish Malhotra's MM Styles. Isha Ambani, Director, Reliance Retail Ventures Ltd., reportedly said that there are only a few countries that can only match the sophistication, style and originality of design, especially in printing and painting of textiles and weaves that are available in India. She added that the company is delighted to partner with Ritu Kumar, who has strong brand recognition, innovation in fashion and retail and, in short, all the key ingredients that are needed to build a complete lifestyle brand.
In the past, Aditya Birla Fashion and Retail had acquired a majority stake in designer label Sabyasachi and in February, it procured a 33 per cent stake in designer label Tarun Tahiliani.