Reliance Brands Eyeing to Take Over a Popular Luxury Group
Reliance Brands, a subsidiary of Reliance Industries Ltd. is eyeing to fully acquire Genesis Luxury Fashion Pvt Ltd. which is a unit of Genesis Colors involved in the marketing and distribution of International Luxury labels for an estimated amount of Rs 450 crore.
Genesis Luxury comes under India’s top luxury groups and this acquisition is sure to give a boost to the business of Reliance Brands. This step may also help Reliance to build a dominant space in the emerging luxury market of the country.
According to the reports, last year, Reliance Brands had purchased a 46.6% stake in Genesis Luxury from Singapore-based private equity firm L Catterton Asia. And now, the company is in the advanced stage to acquire it wholly.
Genesis Luxury Fashion, launched in the year 2008 is involve...