Reliance Brands buys out L Catterton’s stake from Genesis Luxury

Mukesh Ambani-led Reliance Brands has bought out L Catterton Asia’s around 40 per cent stake in Genesis Luxury, its direct competitor in luxury retail. Reliance Brands already retails brands like Ermenegildo Zegna and Bally among others. The unprecedented move, perceived to be inimical to Genesis' founder promoters Sanjay Kapoor, Jyoti Narula and Puneet Nanda, designer Satya Paul's sons, is poised to change the dynamics of luxe business.