Reliance Brands Limited (RBL) has announced a strategic partnership with designer Manish Malhotra aimed at accelerating the 16-year-old couture house’s growth plans in India and across the globe.
RBL in a statement said 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."
RBL will acquire a 40 percent minority stake in Manish Malhotra's MM Styles Private limited. This is the first external investment for the brand, which had so far been privately held by the designer, its founder and creative director.
The Manish Malhotra luxury retail footprint, launched in 2005, extends across four flagship stores in Mumbai, New Delhi, and Hyderabad, as well as an elaborate virtual store and over 12 million social followers across various channels.
“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. Recognition and appreciation for Indian couture is at an inflexion point globally and we are excited to partner in this journey with Manish,” said Isha Ambani, director, Reliance Retail.
The brand Manish Malhotra stands unique at the intersection of fashion and movie entertainment. Thus, expanding the brand into a larger lifestyle consumption portfolio would be a natural next step. The brand also has a significant cache of current and potential consumers across global fashion capitals and onward plans include expansion both in India and international markets.
Besides physical retail expansion, the partnership will work on creating a strong technology backbone for the business, developing phygital and experiential e-commerce opportunities, RBL further said in the statement.
Manish Malhotra said: “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. The collaboration with Reliance Brands Ltd was a natural decision for me, as it represents both Reliance’s astute vision and the family’s deep affinity for crafts and culture. As the brand aims for international expansion, business diversification, and renewed creative growth, there could have been no better strategic partner to accompany us on this journey.”
Reliance Brands Limited (RBL) is part of the India’s largest private sector company, Reliance Industries Limited, which had a consolidated turnover of $73.8 billion in the year ended 31 March, 2021.
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