Reliance Retail on Tuesday said it has acquired a majority stake in designer wear brand Abraham & Thakore for an undisclosed amount.
Reliance Retail Ventures said it seeks to leverage the market knowledge and expertise of its high-end brands retailer Reliance Brands to “build brand Abraham & Thakore’s global appeal in the fashion and lifestyle category.” Reliance Retail did not specify what percentage of controlling stake it has purchased in the company.
Abraham & Thakore sells clothing for both men and women that includes kurta, tops, pants, jackets and suits among other products and sells its products through upmarket global stores including Liberty, Browns, Harrods and Selfridges.
Abraham & Thakore is the latest investment by Reliance Retail in recent months in Indian designer brands.
In January, Reliance Brands had formed a 60:40 joint venture with designer Rahul Mishra for a fashion and lifestyle business. In December, Reliance Brands had formed a similar 60:40 partnership with designer Anamika Khanna to develop Khanna’s AK-OK label.
In October, Reliance Retail acquired a controlling 52% stake in fashion house Ritu Kumar for an undisclosed amount. Prior to that, Reliance had picked a 40% stake in Manish Malhotra, an Indian couture brand that is popular among Bollywood celebrities.
Reliance Brands sells around 50 high-end international labels in India, including Armani, Burberry, Canali, Diesel, Gas and Hugo Boss, among a host of other brands.
The investments into Indian designer brands are part of Reliance Brands plans to build a portfolio of high-end Indian brands to sell them not just to the well-heeled domestic consumers but is also targeting the global markets.
