Reliance Brands Limited is on a shopping spree for brands. After getting into a business venture with powerhouses of the fashion industry Manish Malhotra, Rahul Mishra, Anamika Khanna and Ritu Kumar, the fast-fashion brand has now acquired a majority of 51% stake in designer duo Abu Jani-Sandeep Khosla’s eponymous label.
RBL has signed a definitive agreement to invest either by itself or through its affiliates in AJSK, as per a joint statement reported by Financial Express. Despite having a 49% stake, the Abu and Sandeep will continue to be at the helm as the design and creative directors of the brand.
As reported by the Mint, this deal was nine months in the making. “As they say, you cannot hurry love; it takes time. We don’t want to trespass through any corporate muscle. If I were in either Abu or Sandeep’s shoes…to allow an outsider into a company I have nurtured for 35 years, and that has my name on it…is not an easy leap of faith," RBL president and chief executive officer Darshan Mehta said in his statement.
“Teaming up with India’s foremost couturiers, who hold an unparalleled position in Indian fashion for their fine craftsmanship and impeccable attention to detail, techniques and embroideries is thrilling, as it allows us to build a stronger platform for their zealous commitment to reinvention of Indian craft”, said Isha Ambani, Director, Reliance Retail Ventures Ltd in a statement.
Speaking about this partnership, Sandeep Khosla said, “We aren’t businessmen; we are artists. Partnering with Reliance Brands will allow us to focus on creative expansion and excellence while they steer the brand and its labels to greater reach and optimal size, with their business savvy and expertise."
When asked about e-commerce brands like RBL and Aditya Birla Fashion and Retail taking over designer brands, Sandeep said that it’s the only way to move forward. “It is the only way forward to grow exponentially, the only way to explore every opportunity and achieve optimal size. Corporate investment is a must to compete globally and expand one’s reach and offering," concluded the designer.
(Source- The Mint, Financial Express)
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