Reliance Retail acquires additional stake worth Rs 35 crore in Genesis Colors
Reliance Brands last month had purchased a 12.56 percent stake in Genesis Colors Limited for around Rs 52.77 crore ($7.9 million).
"Reliance Retail Ventures Ltd (RRVL), a subsidiary of the company, has purchased 16.31 percent equity holding in Genesis Colors Limited (GCL) for a consideration of Rs 34.80 crore," RIL said in a filing to the BSE.
“The aggregate equity shareholding of RRVL and RBL in GCL stands at 65.77 percent. This acquisition adds to the existing portfolio of branded fashion retail outlets. The acquisitions will help the company to strengthen its footage in the retail industry and support its long-term strategy to enhance its value in the retail industry,” RIL added.
Reliance Retail’s subsidiary Reliance Brands wants to fully acquire the group company Genesis Luxury. The process of buyout started after Reliance acquired a 40 percent stake in the latter from L Catterton in September 2017. The total acquisition deal is estimated to be around Rs 450 crore ($67.6 million)
GCL was incorporated in November 1998 and is in the retailing and wholesale business of branded readymade garments, bags, footwear, and accessories directly and through its subsidiary/joint ventures.
Genesis Luxury currently holds the India licenses to retail leading luxury brands like Burberry, Canali, Paul Smith, Armani, Just Cavalli, and Jimmy Choo amongst others.
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