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Mumbai: Indian tycoon Mukesh Ambani bought a stake in a high-end fashion brand run by a stylist for some of Bollywood’s biggest stars, as Asia’s richest man continues to expand into luxury retail.
Reliance Brands Ltd bought 40% of MM Styles Ltd, which owns Manish Malhotra’s fashion house of the same name, the company said in a statement late Friday. The privately held brand was launched in 2005 by the designer, who made a name for himself over three decades by styling Bollywood stars in some of India’s biggest blockbuster films.
According to the statement, apart from expanding the physical presence of Malhotra’s brand beyond its four major retail stores in India, Reliance will seek to create a “strong technology backbone” for the brand and make it a “global clothing powerhouse”. Reliance did not disclose the financial details of the transaction.
The investment in Malhotra speaks to Ambani’s overarching objective of transforming Reliance Industries Ltd., reducing his reliance on the oil-refining and petrochemical businesses that he inherited from his late father.
retail giant
The tycoon is rapidly transforming its conglomerate into a technology-driven consumer and retail giant as part of a growing trend among a small and select group of corporate power in India.
As well as acquiring major global brands and assets overseas in recent years, Reliance has partnered with several luxury international brands including Burberry Group plc, Hugo Boss AG and Tiffany & Co.
“The recognition and appreciation for Indian textiles globally is at a turning point,” said Isha Ambani, Mukesh’s daughter and director of Reliance Retail Ltd. Manish, the man behind the brand, has always been nimble and ahead of his time. bloomberg
Read also: Reliance accelerates green energy with solar deals
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