Reliance Retail Ventures Limited announces a 52% equity stake in Ritu Kumar

“Once upon a time, India had 57% of the world’s GDP dependent only on its textiles,” says Ritu Kumar. As a revivalist designer and recipient of the prestigious Padma Shri award, she is considered as the grande dame of Indian fashion, and rightfully so. Her pioneering work in restoring age-old Indian crafts is well-documented in fashion lore—long before ‘make in India’ was the marketing buzzword du jour. Having spent the past few decades laying down roots in the country’s fashion landscape, the designer is now looking to reimagine the potential of India’s artisanal heritage on the global frontier with a strategic partnership with Reliance Retail Ventures Limited (RRVL) that has acquired a 52% equity stake in the business. 

The majority equity stake includes a complete acquisition of Everstone’s previous 35% stake in the company and extends to all brands under the umbrella of Ritika Pvt. Ltd.: Ritu Kumar, Label Ritu Kumar, RI Ritu Kumar, aarké and Ritu Kumar Home and Living. Having started out with a makeshift one-room store in 1969, the designer has since diversified to host four distinct fashion brand portfolios that retail out of 151 point-of-sales globally. The classic Ritu Kumar brand of the 1970s remains evocative of its textile-driven legacy, while Label Ritu Kumar was introduced in 2002 to whet the younger audience’s appetite for contemporary prêt. Luxury bridal couture and occasion wear find a home at RI Ritu Kumar, and aarké serves as the newest addition to the fashion house as an accessible lineup for easy dressing. The portfolio is rounded out by Ritu Kumar Home & Living that offers luxury decor inspired by Indian textile and craftsmanship.

It would appear that Kumar has amassed a lifetime’s worth of accomplishments already, but the designer remains committed to placing Indian crafts and textiles on the global stage. She says, “Over the last fifty years, we have developed strong brands. This alliance will enable us to unlock their true potential and enhance Ritu Kumar’s stature globally.” Enter RRVL, a subsidiary of Reliance Industries Limited and holding company of all the retail companies under the RIL Group. With a consolidated turnover of ₹157,629 crores ($21.6 billion), it is counted among the most profitable retailers in India with the widest reach. 

The synergy between the two is palpable. Kumar says, “Textiles have been the fabric of Indian society for centuries. Its homegrown fabrics, techniques, and symbolism have always invariably enticed the rest of the world towards trade with our country. In this sense, RRVL and Ritu Kumar share the collective goal of highlighting India’s emerging role in the fashion market and taking homegrown brands to the global market.” The sentiment is echoed by Darshan Mehta, managing director and CEO of Reliance Brands Limited (RBL). “Ritu Kumar truly laid the foundation of Indian luxury and couture more than fifty years ago. It’s a brand with true heritage, strong brand recognition and potential for scale that remains rooted in native craftsmanship. An opportunity to partner with a brand such as Ritu Kumar is not just rare, but hugely exciting—clearly, this will be the solitaire in our jewel box.”

The news follows on the heels of the company’s acquisition of a 40% stake in Manish Malhotra last week, as the couturier joined the ranks of menswear label Raghavendra Rathore and luxury brand Satya Paul in RBL’s investment portfolio. “We believe in the fashion appeal that Indian designers have not just with consumers based in India, but a wider and increasing diaspora of global consumers,” he affirms. 

Looking forward, Kumar plans to adapt to the paradigm shift in consumer behaviour caused by the pandemic. “Over the past year, we have witnessed an increasingly functional approach towards fashion. As we move ahead, we want to collectively secure a conscientious design future with our role towards achieving greater ecological integrity and functional ready-to-wear garments,” she concludes.

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