Reliance zooms ~3% on acquisition of majority stake in Abu Jani Sandeep Khosla

20 Apr 2022 , 02:55 PM

Reliance Brands Limited will acquire a 51% stake in India’s foremost couturiers Abu Jani Sandeep Khosla (AJSK). This is yet another investment in homegrown fashion labels after the company’s joint venture with designer Rahul Mishra this year.

The designers Abu Jani and Sandeep Khosla brought back in fashion crafts like zardozi, chikankari, and crushed bandhani. The duo has dressed up many celebrities, including Shweta Bachchan and Tanya Godrej throughout their career span of 35 years. They have also bagged the National Costume Design Award for their work in the film Devdas in 2003.

For many years, the duo has shown interest in Indian fashion to gain corporate investment. “We aren’t businessmen; we are artists. This partnership with Reliance Brands will help us to focus on creative expansion and excellence while they steer the brand and its labels to greater reach an optimal size, with their expertise,” said Sandeep Khosla.

Reliance Brands is Reliance Retail Ventures’ arm which is a subsidiary of RIL. It serves the segments of luxury, bridge-to-luxury, high-premium, and high-street lifestyle.

Meanwhile, Reliance Industries is currently trading at Rs2,719.35 up by Rs80.9 or 3.07% from its previous closing of Rs2,638.45 on the BSE. Its scrip has touched intraday high and low of Rs2,733.65 and Rs2,650 respectively.