Aditya Birla Fashion and Retail (ABFRL) has entered into a definitive agreement with designer brand Sabyasachi for acquiring a 51% stake. The cost of acquisition is to the tune of Rs 398 crore, according to a filing on BSE.
According to a company statement, the partnership will add significant weight to ABFRL’s growing ethnic wear portfolio. The company expects to build a large ethnic wear business over the next few years to complement its strong and diverse portfolio in western wear segment.

ABFRL MD Ashish Dikshit said: “We believe over the next few years, ethnic wear is going to be an increasingly important category as young and confident Indians rediscover their culture and heritage…ABFRL intends to craft a portfolio that addresses the entire gamut of ethnic wear segments: value, premium and luxury.”

Sabyasachi Mukherjee, CEO and founder, Sabyasachi Brand, said: “I am honoured and excited to have found a partner in Mr Kumar Mangalam Birla and ABFRL. Aligned in our vision, and committed to excellence, we will work together to grow a truly global luxury brand out of India.”