Reliance Brands to acquire 51% stake in AJSK
The Hindu
Mumbai
Reliance Brands Ltd. (RBL) said it had signed a definitive agreement to invest either by itself and/or through its affiliates, in Couturiers Abu Jani Sandeep Khosla (AJSK) for a 51% majority stake.
“The strategic partnership is aimed at accelerating the 35-year-old couture house’s growth plans in India and across the globe,” the company said in a statement.
“Teaming up with India’s foremost couturiers, who hold an unparalleled position in Indian fashion for their fine craftsmanship and impeccable attention to detail, techniques and embroideries is thrilling, as it allows us to build a stronger platform for their zealous commitment to reinvention of Indian craft,” said Isha Ambani, director, Reliance Retail Ventures Ltd., the holding company of all retail companies in Reliance Industries group.
“Inspiration from the old to create with a brand new approach is their gift. Abu Sandeep have been extraordinarily successful for over three decades and it is time that their endeavour to present their unabashed vision of luxury reached every nook and corner of the world, carving a unique space for the brand globally, making them true ambassadors of Indian style,” she added.
Abu Jani and Sandeep Khosla will continue to lead the design and creative direction of the brand.
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