By Abhirup Roy and Aditya Kalra
MUMBAI, Oct 19 (Reuters) – The retail unit of Indian conglomerate Reliance Industries RELI.NS has acquired a 52% stake in popular designer labels of Ritu Kumar, the company said on Tuesday, in the latest bet on country’s fast-expanding luxury designer and retail market.
Reliance Retail did not disclose financial details of the transaction, but said its majority stake buy included buying out the 35% stake held by Everstone Capital in India’s Ritika Pvt Ltd, the company that owns Ritu Kumar brands.
(Reporting by Abhirup Roy; Editing by Sanjeev Miglani)
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