 "Reliance Retail invests in Abraham & Thakore for majority stake")
Billionaire Mukesh Ambani's Reliance group on Tuesday said its retail arm has invested in luxury fashion house Abraham & Thakore for an undisclosed majority stake, strengthening the line of lifestyle brands under its umbrella.
"Reliance Retail Ventures Ltd, a subsidiary of BSE-listed Reliance Industries Ltd and the holding company of all retail companies within the group, has invested in Abraham & Thakore Exports Pvt Ltd for a majority stake," the firm said in a statement.
Reliance Retail Ventures Ltd (RRVL) will leverage its subsidiary Reliance Brands Ltd's deep understanding of the affluent Indian customer and their heft across digital, retail operations, marketing, and supply chain platforms, to build brand Abraham & Thakore's global appeal in the fashion and lifestyle category.
Launched in 1992 by David Abraham and Rakesh Thakore, they were soon joined by Kevin Nigli, who famously became the '&' in Abraham & Thakore (A&T).
A&T unlocked the potential and power of Indian handlooms by approaching them with modernity and meaning through weaving and design intervention in unconventional, even non-conformist ways.
A&T's interpretation of Indian textiles started with loungewear and home collections that were first sold at The Conran Shop in London and later in global stores of repute such as Liberty, Browns, Harrods, and Selfridges.
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For almost 15 years the brand mostly retailed predominantly in international stores before coming to India with their first fashion show presentation.
"The brand is strongly rooted in the philosophy of understanding the cultural construct of fashion," the statement said. "Not only is an Abraham & Thakore Ikat sari a part of the permanent collections of the Victoria & Albert Museum, but in 2015 the brand's creations were chosen for Fabric of India, V&A's first major exhibition that explored the rich, multi-faceted and dynamic world of Indian handmade fabrics."
Each collection continues the exploration of developing a quiet and modern design voice while simultaneously drawing on the rich traditional vocabulary of Indian design and craft, it said. "Its strong cultural language gives it a unique resonance in different mindsets and markets."
"Abraham & Thakore's interesting use of material and fresh take on traditional textile techniques have crafted a highly distinctive design signature for the brand.
"With Indian luxury customers undergoing a generational consumption shift, there is heightened appreciation of Abraham & Thakore's timeless design, and we are excited to partner with the brand to bring its unique expression of Indian craftmanship to consumers globally," said Isha Ambani, Director, RRVL.
David Abraham said through this partnership, Abraham & Thakore will be extending the presence of the brand and bring together both fashion and lifestyle collections which will include home furnishings and loungewear.
The design trio, David Abraham, Rakesh Thakore and Kevin Nigli will continue to lead the creative direction of the brand.
While Reliance Retail is the largest and the most profitable retailer in India with the widest reach, Reliance Brands Ltd's (RBL) current portfolio of brand partnerships comprises Armani Exchange, Bottega Veneta, Burberry, Canali, Diesel, Emporio Armani, Gas, Giorgio Armani, Hamleys, Hugo Boss, Jimmy Choo, Michael Kors, Mothercare, Paul & Shark, Paul Smith, Pottery Barn, Ritu Kumar, Salvatore Ferragamo, Satya Paul, Tiffany, Tumi, Valentino and Versace.
RBL operates 1,596 doors split into 680 stores and 916 shop-in-shops in India. In May 2019, RBL marked its first international foray by acquiring the British toy retailer Hamleys. Globally, Hamleys has 215 doors across 17 countries.
RBL also has equity investments in Indian couture brands Manish Malhotra and Raghavendra Rathore.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)