NEW DELHI: Continuing its shopping spree to bolster its fashion portfolio, Reliance Brands (RBL) on Monday announced a 60/40 joint venture with Indian designer Rahul Mishra.
The joint venture that will include Mishra’s ready-to-wear business will create and own a new brand with the designer as creative director.
It’s a similar arrangement the Mumbai-based retailer recently struck with fellow Indian designer Anamika Khanna for her AK-OK brand.
The development is hot on the heels of rival Aditya Birla Fashion and Retail (ABFRL) buying a 51% stake in House of Masaba Lifestyle for around Rs 90 crore.
RBL, part of Reliance Industries, is also extending its game by partnering up and buying up domestic designers crippled by store closures during the pandemic.
These designers lack the financial means to expand their businesses and are considering partnering with retail heavyweights such as Reliance and ABFRL as a way forward.
Last year, RBL made strategic investments in companies owned by veteran designers such as Manish Malhotra and Ritu Kumar. She also has stakes in fashion designer Raghavendra Rathore’s company.
By contrast, rival ABFRL has acquired stakes in Indian design house brands such as Jaypore, Shantanu and Nikhil, Tarun Tahiliani and Sabyasachi.
RBL, which started operations in 2007, has 680 stores and 916 shop-in-shops in India. Additionally, it sells brands such as Armani Exchange, Bally, Bottega Veneta, Burberry, Canali, Coach, Diesel, Dune, Emporio Armani, Ermenegildo Zegna and Gas.