Reliance Brands Ltd (RBL) on Tuesday announced that it will take a majority stake in couture house Abu Jani Sandeep Khosla (AJSK) for an undisclosed sum.
RBL, which is a subsidiary of Reliance Retail Ventures Ltd (RRVL), on Tuesday signed a definitive agreement to invest either by itself or through its affiliates in AJSK.
A statement from the company said the strategic partnership is aimed at accelerating the 35-year-old couture house’s growth plans in India and across the globe.
Abu Jani and Sandeep Khosla will continue to lead the design and creative direction of the brand even after the acquisition of a 51 per cent stake by RBL.
“Teaming up with India’s foremost couturiers, who hold an unparalleled position in Indian fashion for their fine craftsmanship and impeccable attention to detail, techniques and embroideries is thrilling ... it allows us to build a stronger platform for their zealous commitment to the reinvention of Indian craft,” Isha Ambani, director of RRVL, said.
RRVL, an arm of Reliance Industries, is the holding company of all retail companies in the Reliance group.
The company’s current portfolio of brand partnerships include Armani Exchange, Burberry, Canali, Coach, Diesel, Emporio Armani, Ermenegildo Zegna, Raw and Gas among others.
Last year, it had invested in Manish Malhotra’s eponymous brand. It also has equity investments in fashion designer Raghavendra Rathore’s firm.