Reliance Retail Ventures acquires majority stake in Abraham & Thakore

Mumbai (Maharashtra) [India], March 1 (ANI): Reliance Retail Ventures Limited (RRVL), a subsidiary of Reliance Industries Limited and the holding company of all retail companies within the group, on Tuesday said it has bought a majority stake in designer brand Abraham & Thakore Exports Private Limited.
Through this deal, RRVL seeks to leverage its subsidiary Reliance Brands Limited's (RBL) deep understanding of the affluent Indian customer and their heft across digital, retail operations, marketing, and supply chain platforms, to build brand Abraham & Thakore's global appeal in the fashion and lifestyle category, Reliance Retail Ventures Limited said in a statement.
Launched in 1992 by David Abraham and Rakesh Thakore, they were soon joined by Kevin Nigli who famously became the "&" in Abraham & Thakore (A&T). A&T unlocked the potential and power of Indian handlooms by approaching them "with modernity and meaning through weaving and design intervention in unconventional, even non-conformist ways".
"Abraham & Thakore's interesting use of material and fresh take on traditional textile techniques have crafted a highly distinctive design signature for the brand," Isha Ambani, Director, Reliance Retail Ventures Limited, said.
"With Indian luxury customers undergoing a generational consumption shift, there is heightened appreciation of Abraham & Thakore's timeless design, and we are excited to partner with the brand to bring its unique expression of Indian craftsmanship to consumers globally," she added.
A&T's interpretation of Indian textiles started with loungewear and home collections that were first sold at The Conran Shop in London and later in global stores of repute such as Liberty, Browns, Harrods, and Selfridges.
For almost 15 years, the brand mostly retailed predominantly in international stores before coming to India with their first fashion show presentation.
The brand is strongly rooted in the philosophy of understanding the cultural construct of fashion, the statement said.
Not only is an Abraham & Thakore Ikat sari a part of the permanent collections of the Victoria & Albert Museum, but in 2015 the brand's creations were chosen for Fabric of India, V&A's first major exhibition that explored the rich, multi-faceted and dynamic world of Indian handmade fabrics.
"Each collection continues the exploration of developing a quiet and modern design voice while simultaneously drawing on the rich traditional vocabulary of Indian design and craft. Its strong cultural language gives it a unique resonance in different mindsets and markets," the statement said.
"Abraham & Thakore is excited to partner with RRVL, the company responsible for redefining India's luxury landscape. Through this partnership we will be extending the presence of the brand and bring together both fashion and lifestyle collections which will include home furnishings and loungewear," said David Abraham.
The design trio, David Abraham, Rakesh Thakore and Kevin Nigli will continue to lead the creative direction of the brand. (ANI)