Sonam Kapoor Acquires Iconic Mumbai Music Store For $5.7 Million

Bhaane Group, co-owned by celebrity Sonam Kapoor and her husband Anand Ahuja, is purchasing Rhythm House, Mumbai’s iconic music store, for ?478.4 million (approximately $5.7 million). The 3,600-square-foot store, a landmark for music lovers, had been closed since 2018 after Nirav Modi, owner of Firestar Diamond International Pvt — which operated the store — defaulted on billions of dollars in loans. A resolution professional appointed by the Indian bankruptcy court confirmed the sale’s value to Bloomberg News in a phone interview.

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

A spokesperson for Bhaane, which manufactures a range of apparel under its own brand, confirmed the acquisition but declined to disclose the deal’s financial details. Bhaane is part of Shahi Exports Pvt, owned by Anand’s father Harish Ahuja. Shahi Exports is one of India’s largest garment manufacturers, supplying international brands like Uniqlo, Decathlon, and H&M.

“We have completed our due diligence and plan to expand our retail presence in Mumbai,” a spokesperson said in an email. “As a private company, we cannot comment on specific financial details regarding the bid.” Bhaane’s retail arm also operates the chain of Nike and Converse stores in India.

The purchase marks the end of an era for the beloved Rhythm House, a store that once hosted legendary musicians such as Pandit Ravi Shankar, Jethro Tull’s Ian Anderson, and countless Bollywood icons. Established in the 1940s, it became a cultural hub for music enthusiasts, particularly those who grew up with vinyl records, cassettes, and CDs. However, in the late 90s, as music piracy grew and digital streaming took over, Rhythm House gradually lost its relevance in the industry.