New Delhi:
The Bhaane Group, owned by actress Sonam Kapoor and her husband Anand Ahuja, has purchased Mumbai’s iconic music retail retailer Rhythm Home for Rs 478.4 million (47.84 crore). The three,600-square-foot construction was closed in 2018 after the shop’s earlier proprietor, Nirav Modi, defaulted on billions of {dollars} of financial institution loans. The information was confirmed by a decision specialist designated by the Indian chapter courtroom, who managed the sale. Shantanu T Ray, the official liquidator overseeing the sale of Firestar’s property confirmed the worth of the deal and stated, “The stakeholder committee has authorised the sale of Rhythm Home for 478.4 million rupees,” throughout a telephonic dialog with Bloomberg News.
The acquisition was additional substantiated by a spokesperson for Bhaane. Whereas the corporate declined to touch upon the monetary particulars of the deal, it shared that the enterprise has completed its due diligence and intends to extend its retail footprint within the space. “We’ve got accomplished our due diligence and plan to increase our retail presence within the metropolis. As personal firms, we’re unable to touch upon any monetary info concerning the bid,” the spokesperson stated in an electronic mail assertion. Bhaane’s retail unit operates the chain of Nike and Converse shops in India.
Bhaane is a vogue label below Shahi Exports Pvt., owned by Anand Ahuja’s father Harish Ahuja. It is without doubt one of the largest attire makers in India which provides worldwide manufacturers equivalent to Uniqlo, Decathlon and H&M. Bhaane’s retail division already runs Converse and Nike retailers in India.
The deal marks the tip of an period for a era of music followers who grew up listening to their favorite artists on vinyls, cassettes and compact CDs. Rhythm Home, based within the Nineteen Forties, has performed host to various Bollywood celebrities together with Jethro Tull’s Ian Anderson and classical musician Pandit Ravi Shankar. Nonetheless, a rising wave of music piracy began within the late Nineties, and as digital streaming turned extra standard, the long-lasting retailer steadily misplaced its relevance within the new period.