Reliance Retail Ventures Ltd, the retail arm of the Mukesh Ambani-led conglomerate RIL, announced an investment in 30-year-old designer brand Abraham & Thakore (A&T) for a majority stake.
The purpose of the investment is to build the brand's global appeal in the fashion and lifestyle market, Reliance Retail said.
Reliance Retail "seeks to leverage its subsidiary Reliance Brands Ltd's (RBL) 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," it said in a press release.
Currently led by the design trio of David Abraham, Rakesh Thakore and Kevin Nigli, A&T was launched back in 1992. Its interpretation of Indian textiles started with loungewear and home collections that were first sold at The Conran Shop in London and later in global stores such as Liberty, Browns, Harrods, and Selfridges.
Abraham, Thakore and Nigli "will continue to lead the creative direction of the brand", Reliance Retail stated.
“Abraham & Thakore’s interesting use of material and fresh take on traditional textile techniques have crafted a highly distinctive design signature for the brand," Isha Ambani, the director of Reliance Retail, said.
"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 craftmanship to consumers globally," she added.
According to David Abraham, A&T's partnership with the retail giant holds the potential for "redefining India’s luxury landscape".
"Through this partnership we will be extending the presence of the brand and bring together both fashion and lifestyle collections which will include home furnishings and lounge wear," he said.
RBL also has equity investments in Indian couture brands Manish Malhotra and Raghavendra Rathore.
