The iconic music store Rhythm Houselocated in Mumbai, has been acquired by Sonam Kapoor and Anand Ahuja for ₹478.4 million. The 3,600-square-foot store had been closed since 2018 after its previous owner, Nirav Modidefaulted on massive bank loans amounting to billions of dollars.
The sale of Rhythm House was supervised by the Indian bankruptcy court, and its value was confirmed to Bloomberg News in a phone interview.Shantanu T Ray, the liquidator handling Firestar’s assets, stated, “The stakeholder committee has approved the sale of Rhythm House for ₹478.4 million.”
A spokesperson for Bhaane, Anand Ahuja’s clothing label, confirmed the acquisition of Rhythm House, though the deal’s value was not officially disclosed. “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 details regarding the bid,” the Bhaane representative said in an email statement.
The purchase of Rhythm House marks the end of an era for music lovers who fondly remember listening to vinyl records, cassettes, and CDs of their favorite artists there. Established in the 1940s, the store once hosted renowned musicians such as Pandit Ravi Shankar and Ian Anderson of Jethro Tull. However, by the late 1990s, the rise of music piracy and digital streaming diminished its significance for music enthusiasts.