Reliance to buy 52% stake in top Indian fashion label in luxury bet

The retail unit of Indian conglomerate Reliance Industries has acquired a 52% stake in popular designer labels of Ritu Kumar, the company said on Tuesday, in the latest bet on country's fast-expanding luxury designer and retail market.

Reliance Retail did not disclose financial details of the transaction, but said its majority stake buy included buying out the 35% stake held by Everstone Capital in India's Ritika Pvt Ltd, the company that owns Ritu Kumar brands.