Reliance Brands Limited (RBL) – part of billionaire Mukesh Ambani’s retail arm, Reliance Industries, to acquire 40% stake in ‘Manish Malhotra’ brand to accelerate growth of 16-year-old fashion house in India and around the world. On Friday, October 15, Reliance Brands and Manish Malhotra announced a strategic partnership under the deal, according to the ANI news agency.
Reliance Brands has signed a definitive agreement to invest in founder and creative director, the Manish Malhotra brand, known for its Indian craftsmanship, vibrant glamor and dynamic designs for high-end luxury clothing.
This is the first external investment for the Manish Malhotra brand, which until now was privately owned by the designer. The brand will continue to be led by Manish Malhotra, as CEO and Creative after the partnership with Reliance.
“Our strategic partnership with Manish Malhotra is rooted in our immense respect for his craft and our deep commitment to Indian art and culture. As an entrepreneur, Manish, the man behind the brand, has always been agile and capable. ahead of its time, ”said Ms. Isha Ambani, Director, Reliance Retail Ventures Limited.
“The recognition and appreciation of Indian tailoring is at an inflection point globally and we are delighted to partner on this journey with Manish,” added Ms. Ambani.
Reliance said the merger of the country’s “premier fashion house and largest luxury conglomerate” is aimed at developing a corporate framework that continues Manish Malhotra’s legacy for generations to come.
The Manish Malhotra brand has a large supply of current and potential consumers in global fashion capitals and future plans include expansion both in India and into international markets, according to Reliance.
Besides the expansion of physical retail, the partnership aims to create a technological backbone for the business, developing phygital and experiential e-commerce opportunities.
“From the biggest luxury couture stores in Delhi and Hyderabad, the launch of India’s first virtual couture store and redefining glamor in Indian weddings, I have always strived to establish lifelong benchmarks. of the brand, ”Manish Malhotra said of the partnership. .
“Collaborating with Reliance Brands was a natural decision for me as it represents both Reliance’s shrewd vision and the family’s deep affinity for craft and culture,” added Mr. Malhotra.