NEW DELHI: Indian tycoon Mukesh Ambani bought a stake in a high-end fashion brand, run by a stylist to some of Bollywood’s biggest stars, as Asia’s richest person continues to expand into luxury retail.
Reliance Brands Ltd bought 40% of MM Styles Ltd, which owns Manish Malhotra’s eponymous fashion house, the company said in a statement late on Friday. The privately-held brand was launched in 2005 by the designer, who made his name over three decades by styling Bollywood stars in some of India’s biggest blockbuster movies.
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