July 6, 2018

Reliance Brands buys stake in designer Raghavendra Rathore

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.Future1...

By Gargi

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.

Comment
Daily Updates
Submit your email address to receive the latest updates on news & host of opportunities
More Stories