Reliance Retail Ventures Ltd (RRVL), the retail arm of Reliance Industries Ltd, is acquiring a majority stake in the company founded by well known fashion designer Ritu Kumar for an undisclosed sum.
RRVL will acquire around 52 per cent in Ritika Pvt Ltd which owns Ritu Kumar, Label Ritu Kumar, RI Ritu Kumar, aarké and Ritu Kumar Home and Living.
A statement from RRVL said the acquisition in Ritika includes the buyout of private equity firm Everstone’s 35 per cent stake in the company.
The Ritu Kumar business includes four fashion brand portfolios which retail out of 151 point of sales globally.
The classical ‘‘Ritu Kumar’’ brand is symbolic of how the contemporary Indian woman dresses since 1970’s.
Label Ritu Kumar, launched in 2002, is for a younger, global consumer of western pret, RRVL said.
The third RI Ritu Kumar is a luxury bridal couture and occasion wear line, while latest addition aarké is meant to reach a larger consumer base.
Ritu Kumar Home & Living is a category extension that aims to define comfortable luxury for homes.
‘‘We are delighted to partner Ritu Kumar, who possesses strong brand recognition, potential for scale and innovation in fashion and retail – all key ingredients to build a complete lifestyle brand,” Isha Ambani, director, RRVL, said.
