Reliance Industries’ subsidiary Reliance Brands has increased its stake in Genesis Colors Limited (GCL), a luxury fashion firm, to 46.39 per cent after it bought additional 12.5 per cent stake in it at Rs 52.77 crore.
“An additional 12.56 per cent equity shareholding in GCL for about Rs 52.77 crore has been purchased by the Reliance Industries’ subsidiary Reliance Brands,” informed the company in a regulatory filing.
Last month it acquired 8 per cent stake valued at Rs 34 crore in Genesis Colors Limited (GCL).
The latest acquisition would benefit Reliance Brands to strengthen its presence in branded fashion segment.
Genesis which currently retails luxury labels such as Burberry and Paul Smith, Armani, Jimmy Choo and others in the country, reported provisional turnover of Rs 86.02 crore in 2017-18.
Reliance Retail which houses a portfolio of more than 40 global brands that sell luxury, bridge-to-luxury, and high-street lifestyle products, operates over 400 stores across India.
