Nirav Modi purchases iconic Rhythm House, Mumbai, to open new store
The global diamond jewellery house Nirav Modi just acquired the landmark Rhythm House storefront in the Kala Ghoda district of Mumbai to open a new boutique.
The well-known music store Rhythm House shut its doors to customers on February 29th, 2016 and the building had remained unused since then. However, the 3,500-square-foot store along with Rhythm House Pvt Ltd was sold to Nirav Modi last month, although the sum of money for which it sold has not been disclosed at this point. Realty experts put the estimated deal value at around 25 crore going by rates in the Kala Ghoda precinct.
Rhythm House was owned by the Curmally family for over 70 years after first opening in the early 1940s. The store started by selling LP players, then records, and later CDs but ex-Managing Director Mehmood Curmally cited “online sales of music, be it digital, streaming or physical sales through e-commerce” as they reason the store could no longer survive.
The Nirav Modi brand was established in 2010 by its founder Nirav Modi and opened its first flagship store in 2014 in New Delhi followed by stores in Mumbai, New York, London, and Macau. Rosie Huntington-Whiteley and Priyanka Chopra are the current brand ambassadors. Founder and chairman of Firestar diamonds, the diamond sourcing and trading company he founded in 1999 to proceed his jewellery line, Nirav Modi has been featured on Forbes list of Indian billionaires since 2013.
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