Everstone has signed an agreement to invest Rs 1 billion for an undisclosed minority stake, in one of fashion houses, Ritu Kumar.

For over four decades, the Ritu Kumar brand has symbolized premium Indian fashion. The brand has been showcasing India’s heritage, deeply rooted within the Indian craftsmanship and has attracted global admiration. Known for its innovative association with the craft sectors of India, the company has done path breaking work in reviving Indian textiles.

Sameer Sain, co-founder and managing partner of the Everstone Group, said, "We are delighted to partner with the iconic Ritu Kumar, whose brand has put India's rich craftsmanship and heritage on the global map. Combining Ritu Kumar's great brand heritage, its strong management team and Everstone deep understanding and expertise within this space, Ritu Kumar will be poised for continued success and growth."

Ritu Kumar, founder and director, Ritu Kumar, said, "The modern professional approach of any enterprise is to collaborate with companies such as Everstone, who bring to the table, expertise and financial commitment to help in the growth of the brand. I believe that the association would greatly enhance the reach of the Ritu Kumar classical collection, known for its traditional quality. Also, equally relevant would be its role in increasing visibility of the Ritu Kumar Label line, with its organically created innovative collections, bridging the gap between an Indian and international consumer base, of an increasingly younger world."