It's flowery marketing verbiage whose purpose is to impress the reader rather than convey information. The author wants the reader to imagine a "service ritual" as an elegant thing well worth its inflated price. I imagine (and hope) that the author invented the term.
You can replace service ritual with "thingamajig" to get this equally meaningful sentence: The stand reinvents the tie as a thingamajig.
Interested in Language