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.
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.
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.
“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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