Mukesh Ambani-led Reliance Industries’ Reliance Brands has picked up a 40% stake in MM Styles, the couture brand owned by celebrity stylist Manish Malhotra. Earlier, Aditya Birla Fashion & Retail (ABFRL) had acquired significant stakes in ethnic wear brands like Tarun Tahiliani, Sabyasachi and Jaypore.
Apart from expansion of physical retail, the partnership between Reliance and MM Styles would lead to offerings in different price brackets with a view to democratising the appeal of the label which so far has catered to the rich and the famous, besides film stars. Manish Malhotra is also known for his expensive and stylish wedding wear. After the deal, Manish Malhotra will continue to be the managing and creative director.
Reliance also holds stakes in two other indigenous labels, Satya Paul and Raghavendra Rathore.