Bhane Group, owned by actress Sonam Kapoor and her husband Anand Ahuja, has bought Mumbai's iconic music retail store Rhythm House for Rs 478.4 million (Rs 47.84 crore). The 3,600 sq ft building was shut down in 2018 after the store's previous owner Nirav Modi defaulted on billions of dollars worth of bank loans. The news was confirmed by a resolution expert appointed by the Indian bankruptcy court who managed the sale. Shantanu T Ray, the official liquidator overseeing the sale of Firestar's assets, confirmed the deal value and said during a telephone conversation with Bloomberg News, "The stakeholder committee has approved the sale of Rhythm House for Rs 478.4 million."
A spokesperson for Bhaane further confirmed the purchase. While the company declined to comment on the financial details of the deal, it did share that the business has completed its due diligence and intends to expand its retail footprint in the region. "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," the spokesperson said in an emailed statement. Bhane's retail arm operates a chain of Nike and Converse stores in India.
Bhane is a fashion label under Shahi Exports Pvt Ltd, owned by Anand Ahuja's father Harish Ahuja. It is one of the largest apparel manufacturers in India supplying international brands such as Uniqlo, Decathlon and H&M. Bhane's retail arm already runs Converse and Nike outlets in India.
The deal marks the end of an era for a generation of music lovers who grew up listening to their favourite artists on vinyl, cassettes and compact CDs. Established in the 1940s, Rhythm House has hosted many Bollywood celebrities including Jethro Tull's Ian Anderson and classical musician Pandit Ravi Shankar.
