New Purchase: Sonam Kapoor and her husband Anand Ahuja have bought Rhythm House, a well-known music store in Mumbai, for ₹47.84 crore.
Location: Rhythm House is located in Mumbai and has an area of 3,600 square feet.
Previous Owner: The store was owned by Nirav Modi, who had financial issues and closed it in 2018.
Bankruptcy Sale: The sale was handled by an official from the Indian bankruptcy court.
Sale Confirmation: The sale price of ₹47.84 crore was confirmed by the liquidator managing the store’s assets.
Bhaane Group: Sonam and Anand’s company, Bhaane, will take over the store and wants to grow their retail presence in Mumbai.
Fashion Brand: Bhaane is a fashion brand that also runs Nike and Converse stores in India.
Cultural Landmark: Rhythm House has been a cultural spot since the 1940s, where many famous musicians performed.
Challenges: The store faced difficulties because of the rise of digital music and music piracy, leading to its decline.
Future Plans: While the exact plans for Rhythm House are not clear, Bhaane hopes to bring new life to the store as part of their expansion.