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Manish Malhotra eyes global expansion of his stores after Ambani investment

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Manish Malhotra eyes global expansion of his stores after Ambani investment

Manish Malhotra, a stylist for some of Bollywood’s biggest stars over the past 30 years, plans to more than double his chain and open his first overseas store just months after Asia’s richest man bought his namesake boutique .

Malhotra said in an interview in Mumbai that the first international brick-and-mortar store could appear in the US, UK or the Middle East by early 2023, and the luxury brand has a “massive following”. At least six new stores are in the pipeline in India and abroad, he said.
It currently has four retail locations in India.

Investments in billionaire Mukesh Ambani’s conglomerate Reliance Brands Ltd., which bought 40 percent of designer MM Styles Ltd. in October for an undisclosed sum, fueled his global ambitions shares.

Ambani hopes to take his flagship Reliance Industries Ltd. operations global and expand his burgeoning retail empire while reducing reliance on his traditional fossil fuel-related businesses. Days after investing in MM Styles, the group also bought a 52 percent stake in Indian designer Ritu Kumar’s brand.

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Mukesh Ambani’s Reliance buys stake in Bollywood fashion house

Reliance will seek to build a “strong technological backbone” for Malhotra’s brand and build it into a “global fashion giant,” the company said after announcing the acquisition of a stake in October.

As Malhotra lays out plans for overseas expansion, he is looking to create new product lines, including jackets, shirts, shoes and bags, to appeal to Western consumers outside the Indian diaspora.

Malhotra, 55, became a household name in India after designing actors for a string of successful Bollywood films and went on to do so, launching his private fashion house in 2005. He also styled and decorated Ambani’s only daughter, Isha, for a lavish wedding in 2018 — an association that may have sown the seeds for future business collaborations.

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Reliance Brands has become the gateway to India for international luxury companies seeking to tap into one of the world’s largest retail markets, bringing at least 35 international brands, including Burberry Group Plc, Hugo Boss AG and Jimmy Choo.
luxury bounce

Global demand for luxury goods is rebounding as global vaccination rates increase and people socialize and travel more. In India, the luxury fashion industry is also recovering after multiple lockdowns and is expected to grow from $1 billion last year to $1.5 billion by 2025, according to researcher GlobalData.

This is drawing corporate money into India’s fashion sector, which could erode the brand’s exclusivity.

Malhotra insists the brand will not sell out despite a new heavyweight shareholder.

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“We’re not going to do mass production, we’re going to carry the luxury of the brand,” he said. “The idea is to take our Indian craftsmanship globally and make it globally understood, globally accessible and wanted.”

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Oppn seeks probe into Adani charges in US: ‘Obvious protection of PM Modi’

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Oppn seeks probe into Adani charges in US: ‘Obvious protection of PM Modi’

Following US SEC charges of bribery against Gautam Adani, opposition parties criticise PM Narendra Modi and call for a JPC investigation.

As billionaire Gautam Adani faces charges in the US for alleged bribery and fraud, the Opposition on Thursday intensified its attack on the Centre over its alleged links with the Adani Group.

Gautam Adani has been charged in the US with allegedly paying $250 million in bribes to Indian officials between 2020 and 2024 to secure favourable terms for solar energy contracts. The scheme, prosecutors said, could have earned Adani’s group over $25 billion in profits.

Congress demands JPC probe

Reacting to the charges, the Congress called for a Joint Parliamentary Committee (JPC) probe into alleged scams involving Adani’s conglomerate. The party also demanded the appointment of a “new and credible” Sebi chief to investigate Adani’s financial dealings and compliance with securities laws.

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ALSO READ- At 65.2%, Maharashtra records highest voter turnout since 1995 assembly election

Congress leader Jairam Ramesh said the US Securities and Exchange Commission’s (SEC) actions highlight the failure of Indian institutions to investigate the group. “The indictment vindicates Congress’s demand since January 2023 for a JPC into the Modani scams,” Ramesh wrote on X.

He accused Prime Minister Narendra Modi of shielding Adani and claimed Congress’s “Hum Adani Ke Hain Kaun” (HAHK) series had exposed the businessman’s alleged fraud and his ties with the PM.

The fact that it has taken a foreign jurisdiction to properly investigate Adani only shows how Indian institutions have been captured by the BJP, and how decades of institutional development have been undone by greedy and power hungry leaders, the Congress leader said in another post.

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“All of this is consistent with a long record of fraud and criminality carried out with impunity with the obvious protection of the Prime Minister,” Ramesh charged.

Other Oppn leaders join attack

Other opposition leaders joined the attack. Trinamool Congress MP Saket Gokhale questioned the BJP’s involvement in Adani’s dealings and demanded an independent judicial probe.

Aam Aadmi Party leader Sanjay Singh accused PM Modi of allowing Adani to tarnish India’s global reputation.

ALSO READ- Adani Group shares plunge after US SEC charges, Adani Green down 16%

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Adani stocks latest updates

The allegations rattled markets, with Adani Group stocks plunging. Adani Enterprises fell 20 per cent in pre-open trade, while shares of Adani Ports, Adani Green, Adani Power, and others dropped between 7 per cent and 18 per cent.

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