new delhi asias richest man mukesh ambani has expanded into luxury retail with his latest 40 per cent stake purchase in designer manish malhotras fashion house mm styles ltdreliance wants to drive growth for the 16yearold fashion label domestically as well as overseas and establish the manish malhotra brand as a global couture powerhouse the two will expand the brand into a larger lifestyle consumption portfolio malhotras company sells indian outfits that have been worn by indias rich and famous his brand is known for highoctane glamour indian craftsmanship and currently has a physical retail footprint with four stores in india and a social media following of over 12 million over various channels the brand is already popular among wealthy indian expats in europe the us and the middle eastthis is the first external investment for manish malhotras brand which has been privately held by the designer so far the brand will continue to be led by manish malhotra as managing and creative director after the partnership with reliancein the last decade reliance brands limited rbl has dominated luxury retail in india since its inception in 2007 rbl has invested in indian luxury brand satya paul and menswear ethnic label raghavendra rathore it has through various joint ventures and strategic partnerships also brought to india a mix of western brands like kate spade tiffany co steve madden diesel burberry hugo boss and superdry with this move it wants to start focussing on homegrown designer labelsas upcoming consumption power steadily moves from west to east the fashion and design sensibilities are not far behind recognising these winds of change reliance brands in its next wave of value creation is setting its sight towards homegrown talent rooted in indian design sensibilities said the companyindia is home to 86 million luxury consumers according to forrester research the overall luxury spending in india in 2019 was 62 billion and reliance isnt the only one cashing in on this luxury market boom rival aditya birla fashion and retail also acquired a 51 percent stake in sabyasachi mukherjees sabyasachi label in january 2021 before acquiring a 33 percent stake in tarun tahilianis luxury demicouture business for rs 670 million in february abfrl has also tapped into the bridal couture market with its partnership deal with bridal couture brand shantanu nikhil in 2020as indias vaccination drive kicks into gear and restrictions are lifted the big fat wedding gatherings have come roaring back according to malhotra this wedding season has been his brands busiest and most profitable in years which is why corporate partnerships and acquisitions are the flavour of the season the two conglomerates may stitch up deals with more indian fashion designers as they look to build an allround portfolio of premium luxury ethnic wear brandsan edelweiss report has pegged the ethnic wear market in india at 20 billion or rs 145 trillion in size and more and more young indians are aspiring to own a tahiliani or a malhotra outfit due to the