India: Reliance Retail buys majority stake in luxury ethnic wear company Ritika

Photo: Company website

Reliance Retail Ventures Ltd (RRVL) on Tuesday acquired a majority stake in fashion designer Ritu Kumar’s Ritika Pvt. Ltd, reinforcing an emerging trend of corporate houses buying into luxury ethnic wear companies.

The size of the deal was not disclosed, but RRVL acquired a little more than 52% of the company.

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