Reliance Retail Ventures on Tuesday announced that it has acquired 52 per cent equity stake in Ritika Pvt Ltd, which is owned by Ritu Kumar, labels Ritu Kumar, RI Ritu Kumar, RK and Ritu Kumar Home & Living. Reliance Retail Ventures bought private equity firm Everstone Group’s 35 per cent stake in the company to complete the deal to acquire a majority stake in the company.
The acquisition by the company follows a strategic tie-up of Reliance Brands with another designer label owned by Manish Malhotra. Reliance Brands last week signed a definitive agreement to invest for a 40 per cent minority stake in the brand named after founder and creative director Manish Malhotra.
Isha Ambani, Director, Reliance Retail Ventures, said, “Very few countries can match the sophistication, style and originality of design in printing and painting of textiles and weavings found in India. We are delighted to partner with Ritu Kumar, Those who have strong brand recognition, ability to scale and innovation in fashion and retail – all key elements to build a complete lifestyle brand. Together, we are a strong platform and customer base for our original textiles and crafts in India and across the globe. We want to build the ecosystem so that our crafts get the respect and recognition they deserve in international textiles.”
The partnership with Ritu Kumar aims to highlight India’s re-emerging role in the international textile industry through a parallel track of nurturing and innovation. The goal is to reinterpret the age-old designs, motifs and patterns that nest beneath a vast storehouse of modern furnishings, stylish, textile-rich fabrics and crafts for textiles typical of India.
“This very optimistic collaboration will advance the work we have begun in research and revitalization on India’s textile history and wealth, while highlighting our design potential. This is a story that needs to be told again. At one time, India was dependent on only its textiles for 57% of the world’s GDP,” said Ritu Kumar, founder of India’s oldest fashion house.
The classical ‘Ritu Kumar’ brand is rooted in India’s rich heritage of textile aesthetics. Since the 1970s it has been a symbol of how the contemporary Indian woman dresses. It is the heritage brand in the fashion story of India. The label Ritu Kumar, which was launched in 2002, is aimed at a young, global consumer of Western Phantom. Third RI Ritu Kumar is a luxury bridal couture and occasion wear line, while the newest addition to the brand portfolio, is an accessible product line that blends Ritu Kumar’s aesthetics in easy dressing that aims to reach a larger consumer base. Ritu Kumar Home & Living is a category extension under Ritu Kumar for home furnishings and furnishings.
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