In a bid to fortify its foothold in the luxury retail business, Reliance Retail Ventures Ltd. (RRVL), the retail arm of India-based holding company Reliance Industries Ltd. (RIL), has acquired stakes in six companies for Rs. 91.8 crore.
At first, RRVL has upped its share in readymade garment wholesaler and retailer Genesis Colors Ltd. (GCL) as it has purchased a 16.31 percent stake for Rs. 34.8 crore. Notably, Reliance Brands, a unit of RRVL, previously has a 49.46 percent stake in Genesis Colors and now, Reliance Retail’s cumulative share in the apparel company will be 65.77 percent.
It is pertinent to mention here that Genesis Colors retails global fashion brands like Jimmy Choo, Coach (now Tapestry), Tumi, Paul Smith and Micheal Kors in the Indian market. The company is also the exclusive retailer for designer label Satya Paul.
Furthermore, Reliance Retail has bought a 50 percent stake in GLF Lifestyle Brands, which retails foreign fashion labels, for Rs. 38.4 crore. Genesis La Mode has also sold its 50 percent stake t the retail company for Rs. 10.5 crore. Also, 50 percent stakes were purchased in GML India Fashion and GLB Body Care as well for Rs. 4.4 crore and Rs. 0.5 crore.
In addition, Reliance Retail has obtained 2.07 percent stake in Genesis Luxury Fashion Pvt. Ltd. for Rs. 3 crore, taking its holding in the firm to 49.37 per cent.
Markedly, Reliance Retail operates around 3,800 stores in India that retails grocery, apparel and footwear, lifestyle and home improvement items, etc.