After month-long negotiation, Reliance Brands, a subsidiary of Reliance Retail that handles the ‘luxury’ portfolio has fully acquired Genesis Luxury, the group brand of Genesis Colors backed by American private equity firm Sequoia Capital. Genesis Luxury had the portfolio of brands like Bottega Veneta, Jimmy Choo, Paul Smith, Burberry and Armani among others.
Reliance Retail had acquired 40 per cent stake in Genesis Luxury last year in September from L Catterton Asia for US $ 21.3 million. The company acquired the remaining 60 per cent reportedly for US $ 75 million.
Reliance Retail is India’s largest retail brand with over 400 brick-and-mortar stores and over 40 luxury labels under its umbrella. Sanjay Kapoor of Genesis Luxury has hedged his risk in time. We got to see how Darshan Mehta of Reliance Brands take it forward as ‘luxury retail’ in India is going through a slump.