By Team Lounge
Reliance Retail Ventures Ltd (RRVL), the retail arm of billionaire Mukesh Ambani-led group, has signed a joint venture with Ed-a-Mamma, acquiring a 51% stake in the kid and maternity-wear brand founded by actor Alia Bhatt in 2020.
According to the press release, the partnership will see the apparel brand, aimed at children in the 2-12 age group with a focus on natural fabrics, expand into personal care and baby furniture, besides offering children's story books and an animated series. No financial details of the partnership were disclosed.
“This partnership also marks a significant step forward in promoting sustainable fashion for the younger generation," states the press release.
“With sustainability as its core proposition, the brand has garnered acclaim for its meticulous attention to detail, using ethically sourced materials and eco-conscious production processes. This aligns seamlessly with Reliance Brands' vision of fostering a more responsible future for the fashion industry," said Isha Ambani, the director of Reliance Retail Ventures Ltd, in the press notes. “Alia’s daughter and my twins are two weeks apart and we pretty much went through our pregnancies at the same time coincidentally wearing Ed-a-Mamma maternity, and now dressing our children in Ed-a-Mamma kidswear, which they love! So, this is special. The product, brand and the partnership are especially close to my heart."
Speaking about the joint venture, Alia Bhatt said “Isha and I found a wavelength as two new moms discussing what mothers want. I told her what we were already doing at Ed-a-Mamma and how there’s scope to do so much more. She said Reliance can bring strengths in everything from supply chain to retail to marketing."
Meanwhile, Reliance Industries recently announced it has received ₹8,278 crore from Qatar Investment Authority (QIA), for around 1% stake in Reliance Retail Ventures Ltd (RRVL).
"Reliance Retail Ventures Ltd today received the subscription amount of ₹8,278 crore from Qatar Holding LLC (QIA) and allotted 6,86,35,010 equity shares to QIA," said RIL in the press announcement.
Reliance Brands Ltd, a subsidiary of Reliance Retail Ventures, has a big current portfolio of brand partnerships. It includes Armani Exchange, Bottega Veneta, Coach, Giorgio Armani, Hamleys, Hugo Boss, Manish Malhotra, Michael Kors, Raghavendra Rathore, Salvatore Ferragamo, West Elm, among others.
MORE FROM THIS SECTIONview all
- FIRST PUBLISHED07.09.2023 | 10:18 AM IST