RIL's retail arm acquires 51% stake in Abu Jani Sandeep Khosla; stock rises 3%

Reliance Brands, a subsidiary of Reliance Retail Ventures, has acquired a 51% majority stake in couturiers Abu Jani Sandeep Khosla (AJSK) for an undisclosed amount. The strategic partnership is aimed at accelerating the 35-year-old couture house’s growth plans in India and across the globe, Reliance Industries said in a release on Tuesday. Abu Jani and Sandeep Khosla, the co-owners of the lebel, will continue to lead the design and creative direction of the brand.

“Reliance Brands Limited (RBL) has signed a definitive agreement to invest (either by itself and / or through its affiliates) in India’s foremost Couturiers Abu Jani Sandeep Khosla (AJSK) for a 51% majority stake,” as per the release.

Based in Mumbai, Abu Jani and Sandeep Khosla are the country’s premier couturiers and they are best distinguished for introducing mirrorwork, crushed cotton and silk, chikankari and khadi as couture. Started in 1986, AJSK’s couture label Abu Jani Sandeep Khosla is internationally feted for its quality and elegant style. Their fashion house Abu Jani Sandeep Khosla currently features three other labels, ASAL by Abu Sandeep, a diffusion, formal, occasion and wedding wear, womenswear label, GULABO by Abu Sandeep, luxe pret separates, featuring casual and formal wear for women and MARD by Abu Sandeep, a formal and occasion wear men’s label.

Isha Ambani, Director, Reliance Retail Ventures, said, “Teaming up with India’s foremost couturiers, who hold an unparalleled position in Indian fashion for their fine craftsmanship and impeccable attention to detail, techniques and embroideries is thrilling, as it allows us to build a stronger platform for their zealous commitment to reinvention of Indian craft. Inspiration from the old to create with a brand new approach is their gift."

“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”, said Isha, daughter of billionaire Mukesh Ambani.

The statement said Reliance Brands is committed to championing the incredible Indian artisans and bringing forth their astonishing craftsmanship on the world stage.

"When we started Abu Jani Sandeep Khosla our mission was clear, we wanted to bring India’s impeccable craftsmanship and sense of style that had developed over centuries to the modern world. We wanted Indians to feel proud of our culture and we’re determined to ensure it was revered in the global fashion landscape. In the past 35 years, we have done just that, not only have we brought traditional techniques back to life, but we have also created new ones that reflect the tastes and culture of modern India,” said Abu Sandeep, who co-owns the label.

“With RBL's world-class team steering our brand onto the global stage, this is an exciting time for Indian fashion. With this new venture we hope to permanently place our craft where it belongs, at the best runways and racks across the world,” he added.

Reliance Brands (RBL) is a subsidiary of Reliance Retail Ventures, the retail unit of Reliance Industries. It had began operations in 2007, with a mandate to launch and build global brands in luxury to premium segments across fashion and lifestyle.

Boosted by the development, Reliance Industries (RIL) share price rose as much as 3.5% to hit a high of ₹2,730 on the BSE. Meanwhile, the BSE benchmark Sensex was up 501 points at 56,964 levels.