Bhaane Group, co-owned by actress Sonam Kapoor and her husband Anand Ahuja, is set to acquire Rhythm House, a legendary music store in Mumbai, for ₹478.4 million (approximately $5.7 million). The 3,600-square-foot store had been closed since 2018 when its previous owner, Nirav Modi of Firestar International Pvt, defaulted on billions in bank loans.
A spokesperson for Bhaane, which manufactures various clothes under its own label, confirmed the purchase, but declined to share the value of the deal. The company is an arm of Shahi Exports Pvt, owned by Anand’s father Harish Ahuja and is one of the largest apparel makers in India which supplies international brands including Uniqlo, Decathlon, and H&M.
We have completed our due diligence and plan to expand our retail presence in the city. As private companies, we are unable to comment on any financial information regarding the bid,” a spokesperson for the Bhaane said in an email statement. Bhaane’s retail unit operates the chain of Nike and Converse stores in India.