Yesterday, Reliance Brands announced a partnership with Indian fashion designer Anamika Khanna for their forward-thinking label, AK-OK. As the fashion fraternity rejoiced over this exciting development, we look back on the many joint ventures that have taken shape this year.
From Sabyasachi to Tarun Tahiliani, 2021 could well be the year of joint ventures with 5 major Indian fashion designers in partnership with luxury conglomerates. We take a look back at these stellar trade deals, what’s at stake and what it means for the industry. In addition, the two luxury conglomerates who are fighting to expand their portfolio with local brands.
5 Indian fashion designers who formed a joint venture in 2021
Sabyasachi x Aditya Birla Fashion and Retail Limited (ABFRL)
The year literally started off with a bang with the announcement of ABFRL’s acquisition of a 51 percent stake in the Sabyasachi brand. With an investment of 398 crore rupees in Sabyasachi tailoring, jewelry and other branded products, this joint venture has set off a new wave in the fashion and business world. With Sabyasachi being one of India’s most lucrative design houses, this exciting partnership heralds a new direction for Indian fashion. Previously, ABFRL had also acquired 51% of the label from Shantanu & Nikhil, thus hinting at its intention to expand its portfolio.
Tarun Tahiliani x Aditya Birla Fashion and Retail Limited (ABFRL)
In September, ABFRL dropped another bomb by announcing a strategic partnership with designer Tarun Tahiliani. It was announced that the new entity will launch a contemporary brand of ethnic men’s clothing, which we now know as Tasva. With a business target of 500 crore and 250 store launches, this exciting business is one we are following closely. An 80% majority partnership in the new Tasva label and a 33% stake in the existing luxury couture business of Tarun Tahiliani, it was a major fashion / business moment.
Manish Malhotra x Reliance Brands Limited (RBL)
Fast forward to October, Reliance Brands, part of Reliance India, led by Mukesh Ambani, takes a 40% stake in local designer label Manish Malhotra. While the majority stake remains with Malhotra itself, the partnership promises to expand the commercial presence of MM Styles (name of parent company) in the country. Indian designer labels like Raghuvendra Rathore and Satya Paul are already part of the Reliance coterie alongside more than 60 international brands present in India.
Ritu Kumar x Reliance Retail Ventures Limited (RRVL)
Just days after the announcement of the joint venture between Manish Malhotra and Reliance Brands, we stumbled upon the announcement of a partnership between veteran designer Ritu Kumar. Reliance Retail Ventures Limited (RRVL) has acquired a 52% stake in the designer’s eponymous company. The acquisition includes all brands under the umbrella of Ritika Pvt. Ltd. such as Ritu Kumar, Label Ritu Kumar, RI Ritu Kumar, aarké and Ritu Kumar Home and Living.
Anamika Khanna x Reliance Brands Limited (RBL)
This brings us back to the recent announcement of Reliance Brands Limited (RBL) working together with Anamika Khanna for a 60:40 joint venture. Focused on AK-OK, the new partnership is sure to expand the brand’s global portfolio with Anamika Khanna as Creative Director for AK-OK.
As news of these fashion joint ventures continues to lead us into 2022, we are excited to predict and learn what the future holds for these brands.
Header Image: Courtesy of Reliance Brands Limited. Featured Image: Courtesy of Tasva.