Rhythm House, a beloved music store in Mumbai, has been a landmark since its establishment in the 1940s. Known for its vast collection of vinyl records, cassettes, and CDs, the store has been a haven for music lovers, showcasing legendary artists and providing a space for musical appreciation. However, the store has faced challenges over the years, leading to its closure in 2018.
Sonam Kapoor-Anand Ahuja Buy Nirav Modi’s Iconic Music House For Whopping ₹47.8 Crore
Recently, it was announced that Bhaane Group, owned by Bollywood actress Sonam Kapoor and her husband Anand Ahuja, has purchased Rhythm House for ₹478.4 million (approximately $5.7 million). The acquisition was overseen by a resolution professional appointed by the Indian bankruptcy court, which confirmed the sale’s value in a statement to Bloomberg News.
The Legacy of Rhythm House
Rhythm House has a storied history, having hosted performances by legendary musicians such as Pandit Ravi Shankar and Ian Anderson of Jethro Tull. The store became a cultural hub for those who cherished music in physical formats. However, changes in the music industry, including the rise of music piracy and digital streaming, have rendered traditional music stores less relevant, leading to a decline in patronage.
Future Plans for Bhaane Group
A spokesperson for Bhaane confirmed the acquisition, stating that the company plans to expand its retail presence in Mumbai. While specific financial details regarding the bid were not disclosed, the spokesperson emphasized the completion of due diligence and the intent to honor Rhythm House’s legacy while potentially revitalizing its operations.
Bhaane Group: A Glimpse into the Business
Bhaane is part of Shahi Exports Pvt, one of India’s largest apparel manufacturers, supplying to international brands like Uniqlo and H&M. The brand’s retail division also operates Nike and Converse stores in India, indicating a strong background in retail operations.
Impact on Music Culture
The sale of Rhythm House marks a significant moment for a generation that grew up with its products. The closure and subsequent acquisition highlight the shifting landscape of music consumption, where digital platforms dominate. Despite this, there is hope that the new ownership can breathe new life into the store and rekindle interest in physical music media.
Conclusion: A New Era Begins
The acquisition of Rhythm House by Sonam Kapoor and Anand Ahuja represents not just a business transaction but a potential revival of a cherished cultural institution. As they embark on this new venture, the music community watches closely, hopeful that Rhythm House will reclaim its place in the hearts of music lovers in Mumbai and beyond.