Reliance Brands Ltd (RBL) will pick a 40 per cent minority stake in renowned fashion designer Manish Malhotra’s MM Styles Pvt Ltd, for an undisclosed sum, the two companies said on Friday.
This is the first external investment for the brand, which had so far been privately held by the designer.
The strategic partnership is aimed at accelerating the 16-year-old couture house’s growth plans in India and across the globe, they said in a joint statement.
“RBL has signed a definitive agreement to invest in founder and creative director Manish Malhotra’s eponymous brand for a 40 per cent minority stake,” it added.
Commenting on the investment, Reliance Retail Ventures Ltd director Isha Ambani said, “Our strategic partnership with Manish Malhotra is anchored on our immense respect for his craft and our deep commitment to Indian art and culture. Being an entrepreneur, Manish, the man behind the brand, has always been nimble and ahead of his times.”
She further said, “Recognition and appreciation for Indian couture is at an inflexion point globally and we are excited to partner in this journey with Manish.”
Reliance Retail Ventures Ltd is the holding company of all retail companies in Reliance Industries Ltd group.
“Launched in 2005, Manish Malhotra luxury-retail has four flagship stores in Mumbai, New Delhi, and Hyderabad, two shop-in-shop besides a virtual store. The brand's design language is brought to life by a team of 700 artisans and professionals, led by Malhotra himself,” the statement said.
“The collaboration with Reliance Brands Ltd was a natural decision for me, as it represents both Reliance’s astute vision and the family's deep affinity for crafts and culture. As the brand aims for international expansion, business diversification, and renewed creative growth, there could have been no better strategic partner to accompany us on this journey,” Malhotra said.
The coming together of the partners aims to develop a corporate framework that sustains Manish Malhotra’s legacy for generations to come.
Besides physical retail expansion, the partnership will work on creating a strong technology backbone for the business, developing phygital and experiential ecommerce opportunities, the statement said.
The brand will continue to be led by Manish Malhotra, managing and creative director, it added.
Freshpik launch
Reliance Retail on Thursday forayed into ultra-premium grocery segment in India with the launch of brand 'Freshpik', offering an exquisite range of food products sourced from select local and international destinations.
Designed keeping in mind the refined tastes and delicate aesthetic sensibilities of food connoisseurs and well-travelled gourmands, the Freshpik store offers a melange of food products and beverages presented through a bevy of immersive shopping concepts, said a Reliance Retail statement.
It has opened its first Freshpik experiential gourmet food superstore at Jio World Drive in Bandra-Kurla Complex, Mumbai, the retail arm of Reliance Industries Ltd added.
The range of food items offered at Freshpik include staples, freshly picked fruits and vegetables – with specially curated exotic and organic varieties and live microgreens, apart from essential ingredients for international cuisines such as Italian, Thai, Japanese, Korean and a rich selection of finest breads, artisanal cheese, ice creams, frozen desserts and chocolates from local and international producers.
