Reliance Retail Ventures to acquire a 52% stake in Ritika.

Reliance Retail Ventures, a supermarket operator, agreed to acquire a 52% stake in Ritika, a designer and seller of clothing and accessories in India. The transaction includes completely acquiring Everstone’s 35% stake in the company. Financial terms were not disclosed. “We are delighted to partner with Ritu Kumar, who possesses strong brand recognition, potential for scale, and innovation in fashion and retail – all key ingredients to build a complete lifestyle brand. Together, we want to build a robust platform and customer ecosystem for our native textiles and crafts – both in India and across the world – so that our crafts receive the honor and recognition they deserve in international couture," Isha Ambani, Reliance Retail Ventures Director.