Indian billionaires backing big in homegrown couture
India's largest conglomerates have been snapping up stakes in high-end, homegrown designer brands to help them scale up and go global. The trend, experts say, points to a luxury retail market on the cusp of maturity.
In October, Reliance Brands Limited (RBL), a subsidiary of the oil-to-telecoms Reliance conglomerate, announced it was buying 40% equity in celebrity fashion designer Manish Malhotra's eponymous label.