Mukesh Ambani buys 40% stake in India's biggest fashion brand Manish Malhotra

 
Reliance Brands Limited, the company of Mukesh Ambani, Asia's richest man from India, has agreed to buy a 40 per cent stake in MM Styles Pvt Ltd, India's largest fashion brand. This fashion brand is owned by renowned fashion designer Manish Malhotra.

According to Indian media, Manish Malhotra started MM Styles Company under his own name 16 years ago in 2005 which has four big stores in Mumbai, New Delhi and Hyderabad. In addition, Manish Malhotra's online sales are also quite high, which can be estimated from the fact that he has more than 12 million followers on social media. Prior to launching his brand, Manish Malhotra worked as a costume designer in Bollywood which is still going on. He has 31 years of experience in costume designing.

This is the first time that Manish Malhotra has accepted someone else's investment. Earlier, he owned 100 per cent shares in his company, but Mukesh Ambani's Reliance has now decided to buy 40 per cent shares. Despite Reliance's investment, the brand's management will remain in the hands of Manish Malhotra.