Reliance Brands Ltd plans to buy a 40% stake in MM Styles Pvt. Ltd.
MM styles is owned by renowned Indian designer Manish Malhotra.
One of the most prominent investments by Reliance Brands in the luxury ethnic wear market.
The company did not disclose the deal size.
Reliance Brands would drive growth for the 16-year-old couture label in India and overseas.
It will also establish the Manish Malhotra brand as a global couture powerhouse.
The brand will expand as a “larger lifestyle consumption portfolio”, exploring adjacent categories.
They will retain the brand’s positioning in the occasion and wedding wear market.
Malhotra will continue as the managing and creative director of the brand.
Malhotra found his calling by designing costumes for blockbuster Bollywood films.
The past 14 years saw Reliance bringing luxury Western brands to India.
Now, Reliance Brands will focus on homegrown designer labels.
