Reliance Retail Ventures Ltd (RRVL) has acquired a 52% stake in veteran couturier Ritu Kumar’s firm Ritika Pvt Ltd.
The deal is for an undisclosed amount.
RRVL’s majority equity acquisition in Ritika Pvt Ltd included completely acquiring Everstone’s 35% stake in the company.
Everstone is a global equity firm.
Ritu Kumar’s business includes Label Ritu Kumar, The third RI Ritu Kumar, and Ritu Kumar Home & Living.
The partnership to highlight India’s re-emerging role in the international couture industry.
Very few countries can match the sophistication, style and originality of design, found in India, RRVL Director Isha Ambani said.
The partnership will continue to build the business through the help of India’s craftspeople.
Earlier, Reliance Brands Ltd had announced that it would buy a 40% stake in MM Styles Pvt Ltd.
