Dua Associates advised Ritika, owned by fashion designer Ritu Kumar, when Reliance Retail Ventures acquired 52% of the company, which included a 35% stake owned by Everstone Capital.
Khaitan & Co advised Reliance Retail Ventures, while Bengaluru-based Starlaw Partners advised Everstone Capital. The deal closed on 14 October.
Dua’s team comprised partners Sita Khosla and Nirvaan Gupta. The firm said it has been associated with Ritika from 2014, when Everstone Capital invested USD16.6 million in the company.
Khaitan & Co’s team advising on the transaction documents comprised partners Rahul Dutt and Tarunya Krishnan, counsel Anshuman Jaruhar, and associate Reshma Abraham. Diligence advice was provided by associate Akash Srinivasan (corporate); partner Devendra Deshmukh and principal associate Rishabh Vora (real estate); partner Shailendra Bhandare, principal associate Sourav Dan and associate Vivek Singh (IP); partner Kingshuk Banerjee and senior associate Ritvik Kulkarni (litigation); and partner Anisha Chand (competition law).
Announcing the deal on 19 October, Reliance Retail Ventures said it was “a collaboration to charter a new, untried interpretation of India’s crafts and textiles that takes the story of the country’s artisanal culture beyond existing ideas in couture and fashion”. Reliance Retail Ventures is the holding company of all the retail companies under the Reliance Industries group.