Reliance Brands, which is a subsidiary of Reliance Industries, is said to have contacted half a dozen Indian designers for a potential stake in their businesses, according to a report in the Economic Times.
Reliance Brands sells luxury labels such as Ermenegildo Zegna, Bally and Brooks Brothers in India.
If the report is to be believed, Reliance Brands have reached out to Raghavendra Rathore, Rajesh Pratap Singh among other designers to explore the possibility of investing in their businesses.
However, no official confirmation has come out yet.
“There has been some mutual exchange of ideas with a few parties that we could align with — as you may appreciate, this is an ongoing process and if we align our thoughts with a common vision, and if all stakeholders see the value in that, only then, can one proceed to discussing such possibilities,” said Rathore was quoted from ET.
Rathore asserted that they would be open to seeking external investment, in the same way they did for the Gurukul School of Design, that we have set up in Jaipur.
Meanwhile, a spokesperson for Rajesh Pratap Singh confirmed to ET being approached by Reliance Brands, but said it was a long time ago.
In September last year, Reliance bought L Catterton Asia’s 40% stake in Genesis Luxury. It had also inked a deal in June last year with Italian brand Valentino to bring the brand to India.
Reliance Brands began operations in October 2007 with a mandate to launch and build international and domestic brand equity in the premium to luxury segment across apparel, footwear and lifestyle business. Its current portfolio of brand partnerships comprises of Brooks Brothers, Dc, Diesel, Dune, Ermenegildo Zegna, Gas, Hamleys, Hunkemoller, Iconix, Juicy Couture, Kate Spade, Kenneth Cole, Muji, Paul & Shark, Quiksilver, Reiss, Roxy, Steve Madden, Superdry, Scotch & Soda and Thomas Pink among others.