ABFRL buys 51% in Sabyasachi brand for Rs 398 crore

By: |
January 28, 2021 1:20 AM

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.”

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.”

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Jewellery retailers upbeat as sales improve
2Cost of data breach hits record high during pandemic: IBM
3Digital payments up 30.2 pc in FY21: RBI data