Isha Ambani & Manish Malhotra to join hands as Reliance acquires 40 percent stake in designer’s MM Styles
On Friday, October 15, Reliance Brands and Manish Malhotra announced a strategic partnership as part of the deal where the former agreed to buy a 40 percent stake in the designer’s 16-year old couture house, MM Styles. It is one of the most prominent investments by Reliance Brands Ltd (RBL) and is the first external investment for Manish Malhotra's brand, which has been privately held by the designer so far. Manish Malhotra is well known for his voluptuous designs and craftsmanship. Almost every star in the Indian film industry has at least one of his creations in their wardrobe.
"Our strategic partnership with Manish Malhotra is anchored on our immense respect for his craft and our deep commitment to Indian art and culture. Being an entrepreneur, Manish, the man behind the brand, has always been nimble and ahead of his times,'' said Ms Isha Ambani, Director, Reliance Retail Ventures Limited. Manish Malhotra who will continue to lead the brand as its managing and creative director said, “As the brand aims for international expansion, business diversification, and renewed creative growth, there could have been no better strategic partner to accompany us on this journey.”
The partnership is aimed at physical retail expansion both in India and international markets, creating a technology backbone for the business, developing phygital and experiential e-commerce opportunities. Reliance Brands is India’s largest luxury retailer and has a partnership with a handful of international luxury brands including A list names like Diesel, Jimmy Choo, Kate Spade and Versace. Understanding the significance of ethnic wear space compared to western fashion, the retailer aims to create a larger market for the designer’s MMM styles with a tweak in pricing though the deal size was not disclosed.
Over the years, Aditya Birla Fashion & Retail Ltd had acquired two designers owned companies, Sabyasachi and Shantanu & Nikhil. Now that Manish Malhotra has joined the bandwagon let’s wait and watch the expansion of the retail emporium worldwide!