Reliance Brands bags up Anamika Khanna label by picking majority stake
21 December 2021, Mumbai:
Adding to its portfolio of Indian designer brands, Reliance Brands has picked up a 60% stake in couturier Anamika Khanna's brand AK-OK. The deal does not include Khanna's mainline and she will stay on as creative director of AK-OK.
Reliance Brands, through a 60:40 joint venture, has plans to expand the brand's footprint globally
"As India's largest luxury retailer, Reliance's learnings from operating a wide retail network across its group companies and experience of building a diverse portfolio of luxury to premium brands will come in good stead to steer AK-OK as one of the most recognizable new-age brands globally," said Khanna.
The move by Reliance comes close on the heels of it picking up stakes in other desi couture brands such as Ritu Kumar and Manish Malhotra, especially at a time when rival Aditya Birla Fashion Retail (ABFRL), too, has been on a shopping spree.
ABFRL acquired stakes in ethnic wear brands such as Tarun Tahiliani, Sabyasachi, and Jaypore. With Covid-related lockdowns resulting in poor sales for Indian designer brands, industry insiders said, partnering with the companies with deep pockets such as Reliance Brands or ABFRL is the only way to stay afloat.
SOURCE: TOI Dt 21-12-2021
(The news article has not been edited by DFU Publications staff)
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