Bhaane Group, owned by Sonam Kapoor and her husband Anand Ahuja, has acquired Mumbai’s iconic Rhythm Home music retailer for 478.4 million rupees ($5.7 million). The shop, as soon as owned by fugitive jeweler Nirav Modi, was shuttered in 2018 after Modi’s firm, Firestar Diamond Worldwide, defaulted on financial institution loans. The sale was confirmed by Shantanu T Ray, the official liquidator appointed by the Indian chapter courtroom, based on a Bloomberg report.
“The stakeholder committee has accepted the sale of Rhythm Home for 478.4 million rupees,” Ray mentioned in a press release.
Rhythm Home, a 3,600-square-foot landmark in Mumbai’s Kala Ghoda district, was a cultural hub that hosted legendary musicians and Bollywood stars earlier than its closure. Its decline started within the late Nineteen Nineties as a result of music piracy and the rise of digital streaming.
Bhaane, a trend label underneath Shahi Exports Pvt., owned by Anand Ahuja’s father Harish Ahuja, confirmed the acquisition however declined to debate the monetary elements. A spokesperson mentioned the corporate accomplished due diligence and plans to increase its retail presence within the metropolis. Bhaane’s retail unit already operates Nike and Converse shops in India.
The sale marks the tip of an period for generations of music lovers who frequented the shop for vinyl, cassettes, and CDs. After Nirav Modi purchased the property in 2017 from the Curmally household, the shop’s authentic house owners, its doorways closed as demand for bodily music codecs plummeted.
Following Modi’s monetary scandal, Firestar Diamond’s belongings have been seized by the Enforcement Directorate and put up for public sale. Curiosity in Rhythm Home was excessive, with public figures like Anand Mahindra expressing curiosity in restoring the shop as a efficiency venue by crowd-sourced funding.
