Reliance to acquire a controlling stake in fashion startup Ritu Kumar
Reliance Brands, a part of Reliance Retail, is set to acquire the fashion house ‘Ritu Kumar’
The startup was founded by Fashion designer Ritu Kumar in 1969
Ritu Kumar Fashion House owns four designer brands: Label, RI, Arke and Ritu Kumar Home
Reliance Brands is the premium-to-luxury brands’ operator of Reliance Retail
It will acquire around 30% stake of private equity firm Everstone Capital in the company
They will also buy a substantial part of the promoter’s holdings
