Mandhana Retail Ventures soars on Salman's acquittal

Mandhana Retail Ventures Ltd. (MRVL), a listed company that owns apparel rights for actor Salman Khan, witnessed a sharp surge in its share price rise Wednesday after the actor's acquittal in an arms case by the Jodhpur court. The MRVL stock rose as much as 6.97 percent to hit intra-day high of Rs 214.95. When the MRVL stock was listed on December 14, 2016, there was an almost 18 percent increase. The company had entered into an agreement with Being Human - the Salman Khan Foundation in August 2016 to "design, manufacture, retail and distribute men's wear, women's wear and accessories under 'Being Human' trademark." The agreement between the Foundation and Mandhana Industries was from the period of 2010 till August 24, 2016. And the company sells the celebrity-endorsed apparel range through its outlets spread across the country and overseas as well. "As on September 30, 2016, our Company distributes Being Human Clothing through 537 retail selling points. Our distribution network comprises of 28 company owned exclusive brand outlet, 29 franchisee owned exclusive brand outlet including four overseas stores, 253 point of sales in domestic shop-in-shops forming part of large format stores (LFS) and multi brand outlet (MBOs), 12 distribution partners catering to 220 retailers and 7 online eCommerce selling points. Further, our Company also sells in international markets," said Manish Mandhana, MD, MRVL. MRVL was incorporated in February 2011 and acquired some of the businesses of Mandhana Industries Ltd. by way of a demerger. It earned net profit of Rs 21 crore on sales of Rs 218 crore in the financial year 2015-16.