Reliance Industries Ltd group firm to buy 40 per cent stake in designer Manish Malhotra's eponymous brand
New Delhi/UNI: Reliance Industries Ltd (RIL) group firm Reliance Brands Ltd (RBL) on Friday said that it has signed an agreement to acquire 40 per cent stake in MM Styles Pvt Ltd that owns fashion designer Manish Malhotra’s eponymous brand.
This is the first external investment for the Manish Malhotra brand which had so far been privately held by the designer.
“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," said Isha Ambani, Director, Reliance Retail Ventures Ltd (holding company of all retail companies in RIL group).
Recognition and appreciation for Indian couture is at an inflexion point globally and we are excited to partner in this journey with Manish,” she added.
An official statement said that Manish Malhotra and RBL have partnered to build brand 'Manish Malhotra' into a global couture powerhouse.
"The coming together of the country’s leading couture house and foremost luxury conglomerate aims to develop a corporate framework that sustains Manish Malhotra’s legacy for generations to come," it said.