Reliance Brands buys stake in designer Raghavendra Rathore's firm

Mukesh Ambani-led Reliance Industries, through unit Reliance Brands Ltd has purchased a 12.5 per cent stake in fashion designer Raghavendra Rathore's firm Future101 Design Pvt. Ltd. Reliance Industries bought the stakes for Rs 9.5 crore ($1.4 million), the conglomerate revealed in a stock-exchange filing. Future101, that makes and sells luxury apparel in India since 2013, has reported annual turnover of Rs 22.18 crore for 2017-18, up from Rs 20.85 crore for 2016-17 and and Rs 17.11 crore the year before. This is the second strategic investment by Reliance Brands within a month. Earlier Reliance Brands – the brand licensing arm of Reliance industries had acquired Rhea Retail Pvt. Ltd, which sells products for children and expectant mothers, for Rs 203.46 crore ($30 million) in cash. Reliance Brands boasts of a portfolio of over 40 international brands spanning across the luxury, bridge-to-luxury, high-premium and high-street lifestyle segments. These brands include Gas, Diesel, Marks & Spencer and Steve Madden. In 2017, Reliance Brands acquired a 46.6 per cent stake in Genesis Luxury Fashion Pvt. Ltd, which operates brands such as Armani, Canali and Michael Kors.