Reliance Retail acquires 52pc stake in Ritu Kumar brand | Reliance Retail acquires fashion designer Ritu Kumar’s company, Ritika Pvt. Ltd. Bought 52% stake in


Photo:RITU KUMAR

Reliance Retail acquires 52pc stake in Ritu Kumar brand

New Delhi. Reliance Retail Ventures on Tuesday announced that it has acquired fashion designer Ritu Kumar’s company Ritika Pvt. Ltd. has acquired 52 per cent stake in Ritika Pvt. Ltd. Ltd. is owned by Ritu Kumar, Label Ritu Kumar, RI Ritu Kumar, Arke and Ritu Kumar Home & Living Brands. Reliance Retail Ventures has bought 35 per cent shares from private equity firm Everstone Group to acquire a controlling stake in the company.

Reliance Retail Ventures director Isha Ambani said that Ritu Kumar We are very happy to partner with you. Those who have given their brand a strong identity, potential for expansion and innovation in fashion and retail. Together we want to build a strong platform and customer ecosystem for our indigenous textiles and crafts in India and across the globe so that our crafts get the international recognition and respect they deserve.

The retail giants are investing aggressively in the ethnic retail category. Aditya Birla Fashion & Retail bought a stake in designer label Sabyasachi in January this year and then in February acquired another 33 per cent stake in designer Tarun Tahiliani’s brand.

According to market estimates, the market for ethnic – male and female – is estimated to be around Rs 1.5 lakh crore. Experts say that about 88 percent of the ethnic wear market in India is unorganized. So the value of the organized market is Rs 17000-18000 crore. In the organized sector, around 40 per cent is held by the value segment brands, 30 per cent with premium brands and the remaining 30 per cent by luxury brands.

Label Ritu Kumar was launched in 2002 for the young, global consumer of western wear. The third brand RI Ritu Kumar is a luxury bridal wear and occasion wear line. Arke is the newest addition to the brand portfolio. Ritu Kumar Home and Living is a category extension under Ritu Kumar for Home Accessories and Furnishings.

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