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New Delhi, Oct 16 (IANSlife) Designer Manish Malhotra and Reliance Brands Limited (RBL) have established a strategic alliance aimed at speeding up the 16-year-old couture house's global expansion goals. RBL has signed a definitive agreement to invest in founder and creative director, Manish Malhotras eponymous brand for a 40% minority stake. This is the brand's first outside investment, as it was previously owned solely by the designer.
Speaking about the development, 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."
Isha Ambani, Director, Reliance Retail Ventures Ltd. 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. Being an entrepreneur, Manish the man behind the brand has always been nimble and ahead of his times. Recognition and appreciation for Indian couture are at an inflexion point globally and we are excited to partner in this journey with Manish."
RBL has nurtured and expanded worldwide luxury to premium brands in India for over 14 years as the country's largest luxury retailer. Completing the costume to couture to institution evolution cycle, the brand 'Manish Malhotra' will continue to be led by Manish Malhotra, Managing and Creative Director of the brand.
--IANS
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