52 percent stake held by Reliance Retail Ventures in designer Ritu Kumar’s firm

Reliance Industries, run by Mukesh Ambani, appears to be in a buying frenzy. Reliance Retail Ventures Ltd (RRVL) said that it has purchased a majority share in Ritika Pvt Ltd, which owns designer-wear brand Ritu Kumar, only days after one of its group businesses struck a deal to buy a 40% stake in designer Manish Malhotra’s MM Styles.

Everstone’s full 35 percent interest in Ritika is included in RRVL’s majority equity transaction.

In the green energy area, Reliance inked a slew of agreements last week to expand its solar power and green hydrogen portfolios.

Commenting on the acquisition of a 52 percent stake in Ritika Pvt Ltd, Isha Ambani, Director, RRVL said, “Very few countries can match the sophistication, style, and originality of design, especially in printing and painting of textiles and weaves, found in India. We are delighted to partner with Ritu Kumar, who possesses strong brand recognition, the potential for scale, and innovation in fashion and retail – all key ingredients to building a complete lifestyle brand.”

“Together, we want to build a robust platform and customer ecosystem for our native textiles and crafts – both in India and across the world – so that our crafts receive the honor and recognition they deserve in international couture,” she further said.

Ritu Kumar’s company comprises four fashion brand portfolios that collectively sell at 151 retail locations throughout the world.

The cooperation with Ritu Kumar, according to RRVL, intends to promote India’s re-emerging position in the worldwide couture sector along parallel tracks of sustainability and innovation.

“This very optimistic collaboration will further the work I started in researching and reviving India’s textile history and wealth while highlighting our design ability. It’s a story that needs to be told again. Once upon a time, India had 57 percent of the world’s GDP dependent only on its textiles,” said Ritu Kumar.