Business News : Abu Jani Sandeep Khosla Fashion House to be Reliance's 51% stake deal
Reliance Brands Ltd (RBL) on Tuesday said it will acquire 51 per cent stake in major fashion house Abu Jani Sandeep Khosla (AJSK) for an undisclosed amount.
Reliance Brands Ltd (RBL) on Tuesday said it will acquire 51 per cent stake in major fashion house Abu Jani Sandeep Khosla (AJSK) for an undisclosed amount. Reliance Group firm RBL has signed a definitive agreement to invest in AJSK either by itself or through its associates, according to a joint statement by both the companies.
"The strategic partnership aims to accelerate the growth plans of the 35-year-old clothing company in India and around the world." "Abu Jani and Sandeep Khosla will continue to lead the design and creative of the brand," the statement said. RBL is a subsidiary of Reliance Retail Ventures Limited (RRVL).
The statement said, "With this new partnership, the brand is committed to championing incredible Indian artisans and bringing their amazing craftsmanship to the world stage. This renewed focus will bring the brand India's finest while competing across the globe. to establish itself as a manufacturer."
Mumbai-based Abu Jani and Sandeep Khosla are India's leading textile businessmen. The company was started in 1986. Their clothing is internationally recognized for its superb quality and classically elegant style. The fashion company currently has three brands – ASAL, Gulabo and Mard.
Isha Ambani, Director, Reliance Retail Ventures Limited (RRVL), said, “It is exciting to be associated with India's leading fashion company. 'This gives us an opportunity to give a strong platform to his enthusiastic commitment to rediscover Indian craft,' she recently said.