Reliance Retail Ventures Ltd. (subsidiary of Reliance Industries Limited) has picked up a majority stake in homegrown designer brand Abraham & Thakore Exports.
The amount of deal is undisclosed.
David Abraham and Rakesh Thakore started out in 1992, and were later joined by Kevin Nigli. Together, they 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.
It is pertinent to mention here that the design trio, David Abraham, Rakesh Thakore and Kevin Nigli will continue to lead the creative direction of the brand.
Isha Ambani, Director, Reliance Retail Ventures Limited said, “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 craftsmanship to consumers globally.”
David Abraham said that through this partnership it will be extending the presence of the brand and bring together both fashion and lifestyle collections which will include home furnishings and lounge wear.
Reliance Retail said in a statement, “Reliance Retail Venture seeks to leverage its subsidiary Reliance Brands Ltd., 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.”
RRVL is a subsidiary of Reliance Industries Ltd. and the holding company of all the retail companies within the Group. It reported a consolidated turnover of Rs. 1,57,629 crore for the year ended 31 March 2021.
Last year also Reliance Retail had a partnership with Indian couturier Anamika Khanna apart from investments in designer Manish Malhotra.
