Reliance Brands Buys 51% Stake In Abu Jani Sandeep Khosla
The strategic partnership is aimed at accelerating the 35-year-old couture house’s growth plans in India and across the globe.
Reliance Brands Ltd., a subsidiary of Reliance Retail Ventures Ltd., will invest in designer label Abu Jani Sandeep Khosla or AJSK for a 51% stake.
The strategic partnership is aimed at accelerating the 35-year-old couture house’s growth plans in India and across the globe, Reliance Brands said in its statement on Tuesday. "With this partnership, the brand is committed to championing the incredible Indian artisans and bringing forth their astonishing craftsmanship on the world stage."
Indian designers Abu Jani and Sandeep Khosla's namesake designer label began in 1986. The Mumbai-based AJSK currently features three other labels including ASAL by Abu Sandeep, a diffusion, formal, wedding wear and women's wear label; Gulabo by Abu Sandeep, featuring casual and formal wear for women; and Mard by Abu Sandeep, a formal and occasion wear men’s label.
“With the support of Reliance Brands, we will be able to finally fulfill our ambition of global expansion,” said Abu Jani and Sandeep Khosla in a joint statement.
Mukesh Ambani-owned Reliance Industries Ltd.’s retail unit has been on a shopping spree for private fashion labels and brands for a year now. Reliance Retail Ltd. recently invested in designer labels such as Abraham & Thakore, Manish Malhotra, Ritu Kumar, Rahul Mishra, Anamika Khanna and Satya Paul, among others, to strengthen the line of lifestyle brands under one umbrella.
This is in addition to the 50 high-end international brands including Jimmy Choo, SuperDry, Diesel, Gas, Armani, Burberry, Hugo Boss, Tiffany & Co. and others, that the company sells in India under Reliance Brands. RBL, which is a brand licensing arm, operates 680 stores and 916 shop-in-shops across India.
“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," Isha Ambani, director or Reliance Retail Ventures Ltd. was quoted as saying in the company statement.