Fashion mogul ups stake in India’s luxury retailer Genesis Colors

New York - Billionaire Mukesh Ambani-led Reliance Industries Ltd said on Friday it has increased its stake in luxury fashion retailer Genesis Colors Ltd and a company set up by fashion designer Raghavendra Rathore.

Reliance Brands Ltd, a subsidiary of Reliance Industries, acquired an additional stake of 2.5 percent in Rathore’s Future101 Design Pvt. Ltd for Rs 1.99 crore, taking its total stake to 15 percent. Future101 manufactures, distributes, and sells luxury apparels in India

Separately, another unit Reliance Retail Ventures Ltd acquired an additional stake of 9.44 percent in Genesis Colors for Rs 45 crore, taking its total stake to 29.07 percent.

Reliance Brands now owns a 43.66 percent stake in Genesis Colors while the total stake of the two RIL units is 72.73 percent.

The acquisitions will help the company strengthen its presence in the retail industry and support its long-term strategy to enhance its value in the retail industry, Reliance Industries said in a stock-exchange filing.

As recalled by the ‘Hindu Business Line’, No regulatory approvals were required for the acquisition of shares and the investment does not fall within related party transaction.