Reliance Brands Limited, a subsidiary of Mukesh Ambani-led Reliance Industries has acquired a 51 per cent stake in fashion brand Abu Jani Sandeep Khosla (AJSK), the company notified in a regulatory filing on Wednesday.
Known for designing cutting-edge and classically elegant styles, the fashion brand was founded in 1986 by Jani and Khosla. AJSK features three other labels— ASAL, GULABO, and MARD.
The company said, “With this new partnership, the brand is committed to championing the incredible Indian artisans and bringing forth their astonishing craftsmanship on the world stage. This renewed focus will enable the brand to position India as a creator of the finest, competing with the finest across the globe.”
Isha Ambani, Director of Reliance Retail said, “Teaming up with India’s foremost couturiers, who hold an unparalleled position in Indian fashion for their fine craftsmanship and impeccable attention to detail, techniques, and embroideries is thrilling, as it allows us to build a stronger platform for their zealous commitment to reinvention of Indian craft. Inspiration from the old to create with a brand new approach is their gift.”
“Abu Sandeep have been extraordinarily successful for over three decades and it is time that their endeavor to present their unabashed vision of luxury reached every nook and corner of the world, carving a unique space for the brand globally, making them true Ambassadors of Indian Style,” she added.
Over the past few years, Reliance has up its game in the fashion retail sector through its flagship brands like Reliance Trends, and AJIO.
On Thursday, the shares of Reliance Industries surged as much as 2.5 per cent to hit a 52-week high at Rs 2,786. On Wednesday, Reliance Jio, another subsidiary of Reliance group became the second-largest fixed-line service provider in India after BSNL.
