Reliance Brands in talks to buy Genesis Luxury

Reliance Brands, owned by India’s largest retail chain Reliance Retail, will buy Genesis Luxury, a group company of private equity fund Sequoia Capital-backed Genesis Colors, for an estimated Rs 450 crore. The acquisition will make Reliance a dominant player in the country’s booming luxury market, and give it an edge in bargaining for real estate concessions, overhead costs and other benefits. L Catterton, one of the early investors in Genesis Luxury, had picked up the 40 per cent stake in the firm over a period of six years for Rs 135 crore.