As one of Asia’s richest businessmen, Mukesh Ambani continues to expand his portfolio as he acquires a 40% stake in Manish Malhotra’s fashion house, MM Styles Ltd, which was launched back in 2005.
According to Bloomberg.com, Reliance Brands Ltd which has built its empire on oil refining and petrochemical business that had been started by Ambani’s late father is now looking to move into other markets such as high-end luxury retail. Following the announcement, Reliance Brands Ltd said in a statement that this partnership will create a “strong technology backbone” for the brand, one where they’d like to build into a “global couture powerhouse.”
Speaking of the same, Ambani’s daughter and director of Reliance Retail Ltd, Isha Ambani said “Recognition and appreciation for Indian couture is at an inflection point globally. Manish, the man behind the brand, has always been nimble and ahead of his times.”
Reliance has already forged partnerships with several other big names in the industry such as Burberry Group Plc, Hugo Boss AG and Tiffany & Co.