Mukesh Ambani’s Reliance buys stake in Bollywood fashion house
The Peninsula
Indian tycoon Mukesh Ambani bought a stake in a high-end fashion brand, run by a stylist to some of Bollywood’s biggest stars, as Asia’s richest person continues to expand into luxury retail.
Reliance Brands Ltd. bought 40% of MM Styles Ltd., which owns Manish Malhotra’s eponymous fashion house, the company said in a statement late on Friday. The privately-held brand was launched in 2005 by the designer, who made his name over three decades by styling Bollywood stars in some of India’s biggest blockbuster movies.
Besides expanding the physical presence of Malhotra’s brand beyond its four flagship retail stores in India, Reliance will seek to create a "strong technology backbone” for the brand and build it into a "global couture powerhouse,” according to the statement. Reliance didn’t disclose the financial details of the transaction.