Reliance Brands, a part of Reliance Retail, is set to acquire the fashion house Ritu Kumar. Reliance Brands is the premium-to-luxury brands operator of Reliance Retail.

According to media reports, Reliance Brands will acquire around 30% stake of private equity firm Everstone Capital in fashion house Ritu Kumar. It will also buy a substantial part of the promoter's holdings.

According to a leading daily source, Reliance will take an appropriate controlling stake in the fashion house and the promoters will hold a minority stake. However, no response has been received from both the companies in this regard so far. Ritu Kumar Fashion House Owns 4 designer brands. These include Label, RI, Arke and Ritu Kumar Home.

Ritu Kumar Fashion House is a 5 decade old company. The company has been looking to raise funds for the expansion for the past several years. Fashion designer Ritu Kumar started her fashion house in 1969 through a store in New Delhi. With the passage of time, the fashion house became popular for its contemporary designs like suits, tunics, lehengas, ethnic jackets and bridal collections. The Indian designer brand has around 7 dozen physical outlets.

Reliance Brands may announce the deal next week, said the media reports further. With this deal Singapore-based Everstone will exit from Ritu Kumar Fashion House. Everstone, a private equity firm, had invested around Rs. 100 crore in 2014 to buy a stake in Ritu Kumar Fashion House.

Reliance Brands sells several brands, including Brooks Brothers, Burberry, Jimmy Choo and Gas.

Founded in 1969, Ritu Kumar is the largest & most respected designer-wear brand in India. The founder of the fashion house Mrs. Kumar became the first woman to introduce the 'boutique' culture in India under the brand name 'Ritu'.

In October 1999 Christie's of London published Ritu Kumar's book "Costumes and Textiles of Royal India" a definitive chronicle of the history of India's royal patronage to textile arts down the centuries starting with the historical context of Mohenjo Daro to the present era of vintage royalty. The book is an academic fashion history text which has become a key reference for its field in India.

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