Reliance Brands Limited (RBL) will take a 51 percent stake in the 35-year-old designer brand, beloved of both Bollywood stars and billionaires, for an undisclosed sum.

Chinese consumption took a hit last month as Covid-19 curbs began to bite, with retail sales declining year-on-year for the first time in two years.

The new investment comes as India’s long-time fashion e-commerce leader faces significant challenges from Reliance-owned Ajio and beauty leader Nykaa, which is increasingly expanding into fashion.

As well as recycling a quarter of the 22 million tonnes of textile waste accrued each year, the country is looking to produce two million tonnes of recycled fibre annually within the next three years.

The event, on April 30, will be the French luxury brand’s first ever runway show in South Korea.

Following reports that the brand is refusing to sell products to Russians abroad unless they agree not to wear or use them in their home country, some have taken to social media, cutting up Chanel handbags in protest.

Liu Qiangdong, also known by the English name Richard Liu, has been replaced as the e-commerce firm’s chief executive by Xu Lei, effective immediately.

The media and lifestyle brand, which first listed in Hong Kong in 2016, will bring its shares to the Nasdaq following a merger with a special purpose acquisition company, according to a Wall Street Journal report.