BalrajReliance Brands Limited (RBL) has made a strategic partnership advancing the expansion goals of designer Manish Malhotra’s 16-year-old luxury label in India and around the world.
Mukesh Ambani (L) and Manish Malhotra | (Courtesy: Bloomberg Photos)
RBL has signed a contractual deal to invest in Manish Malhotra’s eponymous brand MM Styles Pvt. Ltd for a 40 percent minority ownership stake in exchange for a 40 percent stake in RBL. This is the first outside investment for the brand, which has formerly been held privately by the designer.
Manish Malhotra’s luxury retail presence, which commenced in 2005, now includes four flagship stores in Mumbai, New Delhi, and Hyderabad, as well as an elaborate online store and nearly 12 million social media followers across several platforms. While the founder’s signature elegance originates from his 31-year experience as a costume stylist, the brand’s design language is brought back to life by a workforce of 700 artisans and professionals supervised by Malhotra himself.
RBL, on the other hand, is India’s leading luxury retailer, has cherished and expanded global luxury to premium brands across the country for over 14 years. However, as growing consumption influence swings from west to east, fashion and design behaviors respond accordingly. Acknowledging these aspects of transition, RBL is channeling its next phase of value creation toward home-grown talent anchored in Indian design sensibilities.
Isha Ambani, Director of 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 time. Recognition and appreciation for Indian couture are at an inflection point globally and we are excited to partner in this journey with Manish.”
The partnership between the country’s renowned fashion brand and the country’s leading luxury behemoth seeks to create a corporate structure that will safeguard Manish Malhotra’s legacy for future generations. Manish Malhotra is a one-of-a-kind brand at the crossroads of the fashion and film entertainment industry. As a result, growing the brand into a broader portfolio of lifestyle demand would be a reasonable subsequent move.
Manish Malhotra also commented on the development saying, “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.”