Bhaane Group, founded by Bollywood star Sonam Kapoor and her husband Anand Ahuja, has purchased the legendary music store Rhythm House in Mumbai for 478.4 million rupees (approximately $5.7 million). The 3,600-square-foot store had been closed since 2018 following the financial troubles of its previous owner, Nirav Modi, whose company, Firestar Diamond International Pvt, defaulted on substantial bank loans.
Confirmation of Sale
Shantanu T. Ray, the official liquidator managing the sale of Firestar’s assets, confirmed the transaction to Bloomberg News, stating, “The stakeholder committee has approved the sale of Rhythm House for 478.4 million rupees.” The acquisition also includes an office space located in suburban Mumbai.
Bhaane’s Plans for Expansion
A spokesperson for Bhaane acknowledged the acquisition but chose not to disclose the transaction amount. The company is part of Shahi Exports Pvt, a leading apparel manufacturer in India, owned by Anand’s father, Harish Ahuja. Shahi Exports supplies clothing to major global brands such as Uniqlo, Decathlon, and H&M. The spokesperson commented, “We have completed our due diligence and plan to expand our retail presence in the city. As a private entity, we are unable to disclose financial details regarding the bid.” Bhaane’s retail division also operates Nike and Converse stores across India.
The End of an Era for Music Lovers
This acquisition marks a poignant moment for music enthusiasts, signaling the closure of a beloved venue that shaped the musical landscape for generations. Established in the 1940s, Rhythm House was a hub for iconic artists, featuring performances by renowned figures such as classical musician Pandit Ravi Shankar and Ian Anderson of Jethro Tull, alongside numerous Bollywood stars. However, the rise of music piracy in the late 1990s, followed by the emergence of digital streaming, led to the store’s decline in relevance among music fans.
