Acquiring a 52% equity stake in Ritika Pvt Ltd., the decision comes close on the heels of Reliance’s recent 40% stake ownership announcement in Manish Malhotra
October 19, 2021: Reliance Retail Ventures Limited (RRVL) and pioneering Indian designer Ritu Kumar announced a collaboration to charter new, untried interpretation of India’s crafts and textiles. This collaboration is headlined by RRVL’s majority equity acquisition in Ritika Pvt. Ltd (≈52%) which includes completely acquiring Everstone’s ≈35% stake in the company.
L to R: Darshan Mehta, MD & CEO of Reliance Brands Ltd, with Amrish Kumar, Director, Ritika Pvt. Ltd.
“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% of the world’s GDP dependent only on its textiles,” said Ritu Kumar, the founder of India’s oldest fashion house.
The brand Ritu Kumar includes four fashion brand portfolios which cumulatively retail out of 151 point of sales globally. The ‘Ritu Kumar’ brand is rooted in India’s rich legacy of textile aesthetics. Since 1970s it has been symbolic of how the contemporary Indian woman dresses. It is the legacy brand in India’s fashion story.
Label Ritu Kumar, which launched in 2002, is for a younger, global consumer of western pret. Its design influences come both from the brand’s heritage, as well as the international fashion landscape. RI Ritu Kumar is a luxury bridal couture and occasion wear line. Its products are considered heirlooms and are produced by the finest craftsmen and artisans. aarké is the newest addition to the brand portfolio. It is an accessible product line blending the aesthetics of Ritu Kumar in easy dressing meant to reach a larger consumer base.
Designer Ritu Kumar studying the condition of the weaving industry in Banaras
Ritu Kumar Home & Living is a category extension under Ritu Kumar that defines comfortable luxury for homes that like to tell their own story.
Having recently acquired a 40% stake in Manish Malhotra, RRVL is focusing its attention towards value creation through developing and supporting home-grown talent rooted in Indian design sensibilities. The learnings from the large retail network across RRVL’s subsidiaries, experience of building and nurturing global luxury to premium brands in the country, and deep commitment to Indian craftsmanship will be a strong platform to build brand Ritu Kumar going ahead.
Isha Ambani, Director, Reliance Retail Ventures Ltd, 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, potential for scale, and innovation in fashion and retail – all key ingredients to build 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.”
The partnership will continue to build the business through the patronage of Indian craftspeople. This will be achieved through skill enhancement and technological enablement of crafts and market engagement across retail channels in India and internationally.