Indian brands Reliance to acquire 40% of MM Styles from Manish Malhotra
“As the (Reliance) brand aims for international expansion, business diversification and renewed creative growth, there would not have been a better strategic partner to accompany us on this journey,” Malhotra said in a statement.
Besides the physical presence in the form of retail stores, the two entities would strive to further develop the technological backbone of the designer for the expansion of e-commerce.
Reliance Brands in India recently signed an agreement to acquire a 40 percent stake in MM Styles Private Limited from fashion designer Manish Malhotra. This would be the first external investment for the Malhotra brand which until now has been exclusively owned by him. The designer would continue to run the business as the brand’s general and creative director.
The designer operates four flagship stores in New Delhi, Mumbai and Hyderabad, two in-store stores and one virtual store.
Fibre2Fashion Information Office (DS)