Reliance Brands acquires 40% stake in designer Manish Malhotra's MM Styles

Reliance Industries Ltd's Reliance Brands Ltd (RBL) and famous designer Manish Malhotra have announced a strategic partnership to acquire a 40 per cent stake in Malhotra's MM Styles Pvt Ltd.

A Reliance Brands statement said this is the first "external investment" for the brand, which had so far been privately held by the designer. It said the investment is aimed at accelerating the 16-year-old couture house's growth plans in India and across the globe.

Fashion designer Manish Malhotra said 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".

Launched in 2005, the Manish Malhotra luxury retail is spanned across four flagship stores in Mumbai, New Delhi, and Hyderabad, 2 SIS, besides a virtual store and over 12 million social followers across various channels.

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"While Manish Malhotra's signature glamour has its genesis in the founder's career as a costume stylist for 31 years, the brand's design language is brought to life by a team of 700 artisans and professionals, led by Mr Malhotra himself," the statement said.

The RBL said as upcoming consumption power steadily moves from west to east, the fashion and design sensibilities are not far behind. "Recognising these winds of change, RBL in its next wave of value creation is setting sight towards home-grown talent rooted in Indian design sensibilities," said.

"Our strategic partnership with Manish Malhotra is anchored on our immense respect for his craft and our deep commitment to Indian art and culture. 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 Ventures Ltd, which is the holding company of all retail companies in Reliance Industries Limited group.

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The brand Manish Malhotra stands unique at the intersection of fashion and movie entertainment, the RBL said, adding that expanding the brand into a "larger lifestyle consumption portfolio would be a natural next step".

Besides physical retail expansion, the partnership will work on creating a strong technology backbone for the business, developing phygital and experiential e-commerce opportunities.

The statement also said completing the costume to couture to institution evolution cycle, the brand will continue to be led by Malhotra.

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