Reliance Brands Ltd (RBL), a subsidiary of Mukesh Ambani’s Reliance Industries, has bought a 40% ownership in Manish Malhotra’s MM Style. This “strategic relationship,” according to Reliance Brands, is MM Styles’ first “external investment.”
Manish Malhotra is credited with revolutionizing the Indian fashion industry in many ways. In an interview, Malhotra said “there could have been no better strategic partner to accompany” the luxury retail that was aiming for “international expansion, business diversification, and renewed creative growth”.
“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 Reliance statement said.
RBL said that it was setting focus on home-grown designer labels at a time when the consumption power, including fashion and design sensibilities, is steadily moving from west to east. Reliance has stakes in two other indigenous designer labels, Satya Paul and Raghavendra Rathore.
“Our strategic partnership with Manish Malhotra is anchored in our immense respect for his craft and our deep commitment to Indian art and culture. Recognition and appreciation for Indian couture is at an inflection point globally, and we are excited to partner in this journey with Manish,” said Isha Ambani, Director, Reliance Retail Ventures Ltd
Reliance Brands plans to help drive growth for the 16-year-old couture label in India and overseas, and establish the Manish Malhotra brand as a global couture powerhouse.