MUBAI, OCT 19, 2021
Reliance Retail Ventures Ltd (RRVL) has acquired a 52 per cent stake in veteran couturier Ritu Kumar’s firm Ritika Pvt Ltd.
“RRVL’s majority equity acquisition in Ritika Pvt Ltd included completely acquiring Everstone’s 35 per cent stake in the company,” a joint statement said.
Ritu Kumar’s business includes four fashion brand portfolios — Label Ritu Kumar, The third RI Ritu Kumar, aarké and Ritu Kumar Home & Living — and cumulatively retails out of 151 point of sales globally.
“The partnership aims to highlight India’s re-emerging role in the international couture industry, through parallel tracks of sustenance and innovation. The goal is to re-interpret age-old designs, motifs and patterns that nest under the vast repository of crafts for modern accessories, stylish, textile-rich clothes and distinct couture from India,” it said.
RRVL Director Isha Ambani 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,” said Ambani.
” 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 added.
Commenting on the partnership, Ritu Kumar said, “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 per cent of the world’s GDP dependent only on its textiles.”
The partnership will continue to build the business through the patronage of Indian crafts people. This will be achieved through skill enhancement and technological enablement of crafts and market engagement across retail channels in India and international geographies.
RRVL is a subsidiary of Reliance Industries Limited and holding company of all the retail companies under the RIL Group.