Italy’s Ermenegildo Zegna has purchased a minority stake in Raghavendra Rathore, as the Italian suit maker looks to expand the luxury men’s brand and mature India’s luxury fashion market.
In partnering with Reliance Brands for a collective stake, Zegna’s equity investment is set to elevate Raghavendra Rathore as a business and brand, putting it on an international playing field.
While information was not disclosed of the partnership, there is huge potential for the Indian label to grow its custom menswear and accessories, its ability to enhance customer engagement, as well as to get more sourcing and back-end support. That’s in addition to opening more stores.
“Like Reliance, we are strategic and not merely financial investors,” Ermenegildo Zegna, CEO, Gildo Zegna told the Press Trust of India.
“As regards the investment in Raghavendra Rathore, it is significant as it is a first for a global fashion house making a strategic investment in the business of an Indian designer. In some sense, it heralds the coming of age and maturing of India’s luxury fashion business.”
Rathore, the Indian menswear designer famous for his Jodhpur Bandhgalas, currently has seven standalone stores in India.
Ermenegildo Zegna, which has its own menswear brand, retails through three stores in India, all run by Reliance Brands.
Reliance Brands has a portfolio of over 40 international brands that span across the luxury, bridge-to-luxury, high-premium and upscale-street lifestyle segments. Brands include Gas, Diesel, Marks & Spencer and Steve Madden.
Last year, Reliance Brands acquired a 46.6% stake in Genesis Luxury Fashion, which operates brands such as Armani, Canali and Michael Kors.