Reliance Industries Ltd's Reliance Brands Ltd (RBL) and famous designer Manish Malhotra have announced a strategic partnership to acquire a 40 percent stake in Malhotra's MM Styles Pvt Ltd.
This is the first external investment for Manish Malhotra's brand, which has been privately held by the designer so far. The designer would continue to lead the company as the Managing and Creative Director of the brand.
The coming together of Reliance Retail and Manish Malhotra's label has been described as a foray into a larger lifestyle consumption portfolio. The designer's reputation which extends to global fashion capitals and onward would be used to further the brand's presence in India and internationally.
Besides a physical presence in the form of retail stores, the two entities would work to further scale up the designer's technological backbone for e-commerce expansion.
"Our strategic partnership with Manish Malhotra is anchored on our immense respect for his craft and our deep commitment to Indian art and culture. Being an entrepreneur, Manish the man behind the brand, has always been nimble and ahead of his times,'' said Isha Ambani, Director, Reliance Retail Ventures Limited.
'Recognition and appreciation for Indian couture is at an inflexion point globally and we are excited to partner in this journey with Manish," added Ambani.
Reliance said that the coming together of the country's "leading couture house and foremost luxury conglomerate" aims to develop a corporate framework that sustains Manish Malhotra's legacy for generations to come.
At present, the designer operates four flagship stores in Mumbai, New Delhi, and Hyderabad, two SIS (store-in-store) and a virtual store.
"From the largest luxury couture stores in Delhi and Hyderabad; the launch of India's first couture virtual store; and redefining glamour at Indian weddings, I have always aimed to set benchmarks across the life of the brand,'' said Manish Malhotra on the partnership.
''The collaboration with Reliance Brands was a natural decision for me, as it represents both Reliance's astute vision and the family's deep affinity for crafts and culture,'' added Malhotra.