The move follows the likes of rival Aditya Birla Fashion & Retail (ABFRL), which has acquired a significant stake in ethnic wear brands such as Reliance, to strengthen its portfolio of domestic designer labels. Tarun Tahiliani, Sabyasachi and Jeypore.
In addition to expanding physical retail, the partnership between Reliance and MM Styles, the parent of the Manish Malhotra brand, can offer in different price ranges – an attempt to democratize the appeal of a label known for its elaborate and expensive wedding wear. However, the size of the deal was not disclosed.
With the domestic fashion industry grappling with the outbreak of the pandemic, even ABFRL has adopted a similar strategy with its deal with fashion designer Tahiliani, as it will own an 80% stake in a new entity that will be affordable. Develop and launch premium ethnic wear and accessories. .
“This is the right time for these powerhouses to shop for Indian designer wear labels as their sales have been poor compared to international luxury brands. They need capital to survive,” said an industry veteran, who did not wish to be named.
Following Reliance’s investment, the 16-year-old brand’s designer Manish Malhotra will continue as the Managing and Creative Director. Reliance has stake in two other indigenous labels, Satya Paul and Raghavendra Rathore.
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