Reliance buys 16.31 per cent in Genesis

RIL unit Reliance Retail Ventures Ltd (RRVL) acquired a 16.31 pc stake in Genesis Colors, which owns fashion label Satya Paul, for  Rs 34.80 crore, company said in filing with BSE.

RRVL, through unit Reliance Brands Ltd, already held a 49.46 pc stake in Genesis Colors. The total stake of RRVL in Genesis Colors is now 65.77  pc. Besides, RRVL has invested a total of Rs 57.03 crore in five other companies that sell branded readymade garments, bags, footwear, cosmetics and accessories.

It bought a 2.07 pc stake in Genesis Luxury Fashion Pvt. Ltd for  Rs 3.37 crore, taking its holding in the company to 49.37 pc. Genesis Luxury Fashion distributes premium brands such as Jimmy Choo, Armani, Paul Smith and Bottega Veneta.