Reliance Brands Ltd (RBL), part of Mukesh Ambani-led Reliance Industries Ltd, acquired 40 per cent stake in famous designer Manish Malhotra’s MM Styles Pvt Ltd. According to a Reliance Brands statement, this “strategic partnership” is the first “external investment” for MM Styles Pvt Ltd.

Manish Malhotra said “there could have been no better strategic partner to accompany” the luxury retail that was aiming for “international expansion, business diversification, and renewed creative growth”.

“While Manish Malhotra’s signature glamour has its genesis in the founder’s career as a costume stylist for 31 years, the brand’s design language is brought to life by a team of 700 artisans and professionals, led by Mr Malhotra himself,” the Reliance statement said.

RBL said that it was setting focus on home-grown designer labels at a time when the consumption power, including fashion and design sensibilities, is steadily moving from west to east. Reliance has stakes in two other indigenous designer labels, Satya Paul and Raghavendra Rathore.

“Our strategic partnership with Manish Malhotra is anchored on our immense respect for his craft and our deep commitment to Indian art and culture. Recognition and appreciation for Indian couture is at an inflexion point globally and we are excited to partner in this journey with Manish,” said Isha Ambani, Director, Reliance Retail Ventures Ltd, as quoted by Business Today.

Manish Malhotra, the main architect behind the 16-year-old couture house, will continue to be at the helm of affairs of MM Styles Pvt Ltd as managing and creative director.