Ritu Kumar said that this collaboration will fuel the work in researching and reviving India’s textile history, thereby enhancing and highlighting the design ability.
India’s retail major Reliance Retail Ventures has acquired a 52 percent stake in designer Ritu Kumar-owned Ritika Pvt Ltd. However, the value of the deal is yet to be disclosed.
It was also revealed in a joint statement that Reliance Retail Ventures Limited (RRVL) acquiring a major stake in Ritika Pvt Ltd includes holding over 35 percent stake in the global equity firm Everstone.
Ritu Kumar is an Indian fashion designer, dealing mainly in bridal couture. Her business comprises about four fashion brand portfolios- Label Ritu Kumar, The third RI Ritu Kumar, aark and Ritu Kumar Home & Living.
It was disclosed in the statement that the collaboration of Reliance Retail and Ritu Kumar’s Ritika Pvt Ltd aims to bring into spotlight India’s “re-emerging” role in the international couture industry, by operating and focusing on both innovation and sustenance. The partnership will help in re-interpreting the age-old designs and different patterns that has come a long way and homes under the vast depository of crafts for modern accessories, fashion-based textile-rich clothes and stand-out couture from India.
Earlier in October 2021, RBL (Reliance Brands Limited) made an announcement revealing the establishment’s plans to acquire a 40 per cent stake in well-known Indian fashion designer Manish Malhotra- owned MM Styles Pvt Ltd.
With RRVL’s re-shifted focus on value creation by cushioning the development of home-grown Indian designing capabilities, the latest collaboration will undoubtedly establish a “benchmark” in this journey as said in a statement.
Isha Ambani, Director of RRVL shared that there are very few countries which have potential to match the sophistication, style as well as originality of the overall design, especially when it comes to printing of textiles and weaves. She expressed that all these things are found in India and that RRVL was glad to join hands with designer Ritu Kumar who holds sturdy brand recognition, also having potential of bringing innovation in fashion which will perhaps set up a “complete lifestyle brand”.
She further added that the partnership aims to establish a “robust” platform and customer ecosystem for India-based textiles and crafts to offer in the country as well as around the world with the view of crowning honor and recognition to the Indian crafts which they deserve in the international couture.
Ritu Kumar said in this regard that this collaboration will fuel the work in researching and reviving India’s textile history, thereby enhancing and highlighting the design ability.
Subsidiary of Reliance Industries, RRVL offers foods, apparel, groceries, toys, footwear, electronic products and more, through its outlets. The company also sells products via e-commerce channels.
Incorporated in July 1976, Ritu Kumar’s Ritika Pvt Ltd is a Kolkata-based manufacturer of Indian traditional designer-wear for women. It deals in clothing and accessories including dresses, tops, bottoms, jackets, jewellery, and more.
(Source: PTI)
