Over the years, corporate interest in the world of high-end fashion has been increasing, through sponsorship as well as investments. And it's creating a win-win situation for all stakeholders
The first thing we noticed as we arrived at the third floor of the Jio World Convention Centre in Mumbai for the 2022 Lakmé Fashion Week (LFW) earlier this month, was the presence of a flock of brands. Right outside the entrance to the runway was a NEXA Grand Vitara; there was a funky set-up by boAt right next to it and on the other end was an entire wall of paintings celebrating 70 years of Lakme in India. At every set-up there were at least two to three influencers or celebrities—all dressed to the nines—clicking photos or videos. Clearly, the brands were getting plenty of bang for their buck.
Earlier this year, Reliance Brands, the brand licensing arm of Reliance Industries (RIL) entered into a 60:40 joint venture with fashion designer Rahul Mishra to create a new ready-to-wear business. In March 2022, it acquired a majority stake in Abraham & Thakore and in April 2022, it acquired 51 percent stake in Abu Jani Sandeep Khosla. The company has also invested in other designers such as Satya Paul, Raghavendra Rathore, Ritu Kumar, Manish Malhotra and Anamika Khanna.