Sonam Kapoor Buys Iconic Music Store in Mumbai

Bhaane Group, owned by celebrity Sonam Kapoor and her husband Anand Ahuja, is buying Rhythm House, an iconic music store in India’s financial capital Mumbai for 478.4 million rupees.

The 3,600-square foot Rhythm House had been shutted in 2018 after Nirav Modi, the owner of Firestar Diamond International Pvt that ran the music store, defaulted on billions of dollars of bank loans. A resolution professional appointed by the Indian bankruptcy court overseeing the sale of the store confirmed the value of the deal to Bloomberg News in a telephonic interview.

“The stakeholder committee has approved the sale of Rhythm House for 478.4 million rupees,” said Shantanu T Ray, the official liquidator overseeing the sale of Firestar’s assets.  

A spokesperson for Bhaane, which created a range of clothing under its own label, confirmed the revenue but did not disclose the deal's value. Bhaane is a subsidiary of Shahi Exports Pvt, owned by Anand’s father, Harish Ahuja, and is among the largest apparel manufacturers in India, supplying international brands like Uniqlo, Decathlon, and H&M. 

“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,” a spokesperson for Bhaane said in an email statement. Bhaane’s retail unit operates the chain of Nike and Converse stores in India.

The deal marks the conclusion of an era for a generation of music enthusiasts who overjoyed their favorite artists on vinyl records, cassettes, and CDs.

Founded in the 1940s, Rhythm House once welcomed iconic musicians such as classical artist Pandit Ravi Shankar, Ian Anderson of Jethro Tull, and various Bollywood stars. However, starting in the late 1990s, a surge in music piracy followed by the rise of digital streaming rapidly  made the landmark store outdated for music enthusiasts.