Bollywood actress Sonam Kapoor and her husband, businessman Anand Ahuja, have made headlines by acquiring the iconic Rhythm House, a beloved landmark in Mumbai's Kala Ghoda neighborhood, for Rs 478.4 million ($5.7 million). The historic music store, once a hub for vinyl records, cassettes, and CDs, had been shut since 2018 following financial troubles linked to its former owner, Nirav Modi. His company, Firestar Diamond International Pvt, defaulted on massive bank loans, leading to a liquidation of assets overseen by the Indian bankruptcy court.
Shantanu T Ray, the official liquidator handling the sale of Firestar’s assets, confirmed the deal, stating, "The stakeholder committee has approved the sale of Rhythm House for 478.4 million rupees." This 3,600-square-foot property, steeped in cultural history, now belongs to the fashion label Bhaane, owned by Sonam Kapoor and Anand Ahuja. Bhaane, known for its contemporary clothing line, operates under the larger umbrella of Shahi Exports Pvt, a company owned by Anand’s father, Harish Ahuja. Shahi Exports is one of India’s largest apparel manufacturers, supplying international brands such as Uniqlo, Decathlon, and H&M.
While the deal has sparked interest, Bhaane's spokesperson confirmed the purchase without disclosing further financial details. In an email statement, they explained, "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."
Rhythm House, established in the 1940s, had long been a haven for music lovers and enthusiasts, hosting visits from classical legends like Pandit Ravi Shankar and international rock stars like Jethro Tull’s Ian Anderson. It also became a popular spot for Bollywood celebrities over the decades. However, the rise of music piracy in the late 1990s and the eventual dominance of digital streaming services rendered the once-bustling store less relevant, leading to its closure in 2018.
