Saturday, May 28, 2022
HomeBusinessreliance: Reliance picks up majority stake in homegrown designer label Abu Jani...

reliance: Reliance picks up majority stake in homegrown designer label Abu Jani Sandeep Khosla

NEW DELHI: Continuing its shopping spree of Indian designer brands, Reliance Brands has picked up 51% stake in 35-year-old desi couture house Abu Jani Sandeep Khosla (AJSK).
The development comes close on the heels of Reliance announcing a 60:40 joint venture with Indian designer Rahul Mishra in January.
The investment in AJSK, known for its use of mirror work, crushed cotton and silk, chikankari and khadi in couture, is expected to boost the reach and revenue of the brand, similar to Reliance’s other acquisitions in the space in the past.
Products of designer Manish Malhotra, for instance, are currently selling on ajio.com, Reliance’s fashion e-commerce arm that competes with Flipkart’s Myntra, after the telecom-to-petroleum conglomerate picked up a stake in the designer brand known for its popularity among B-town celebs.
“Abu Sandeep have been extraordinarily successful for over three decades and it is time that their endeavour to present their unabashed vision of luxury reached every nook and corner of the world, carving a unique space for the brand globally, making them true ambassadors of Indian style,” said Isha Ambani, director at Reliance Retail Ventures, the holding company of all retail companies in Reliance Industries.
Mumbai-based Abu Jani and Sandeep Khosla will continue to lead the design and creative direction of the brand. The fashion house currently features three other labels, ASAL by Abu Sandeep, womenswear label, GULABO by Abu Sandeep and a formal and occasion wear men’s label MARD by Abu Sandeep.
The current partnership will add to Reliance’s portfolio of similar designer brands including Anamika Khanna, Ritu Kumar, Raghavendra Rathore, Abraham and Thakore, Rahul Mishra and Manish Malhotra.
The homegrown designer wear industry has been rocked by the pandemic resulting in several top design houses to partner with retail giants such as Reliance and Aditya Birla Fashion & Retail (ABFRL).




Source link

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular

Recent Comments

%d bloggers like this: