Reliance Retail acquires 52% stake in Ritu Kumar brand; Everstone exits

Mumbai-based Reliance Retail Ventures has acquired a 52% stake in Ritika Pvt Ltd, which owns the fashion brands Ritu Kumar, Label Ritu Kumar, RI Ritu Kumar, aarké, and Ritu Kumar Home and Living. Reliance Retail bought out private equity firm Everstone Group's 35% stake in Ritika to complete the deal.