Aditya Birla Fashion to acquire 51% in Finesse International

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July 16, 2019 4:49 AM

ABFRL said the acquisition was intended to strengthen presence in the area of branded ethnic apparels and accessories, covering both bespoke ceremonial wear and pret lines.

Aditya Birla Fashion, Finesse International, Aditya Birla, Indian fashion market, Indian ethnic wear, industry newsAshish Dikshit, MD of ABFRL, said Indian ethnic wear is a large segment in Indian fashion market and the firm has identified it as an important growth opportunity.

Aditya Birla Fashion and Retail (ABFRL) revealed on Monday that it was set to acquire 51% stake in Finesse International Design, through a combination of primary equity infusion and secondary share purchase. The cost of acquisition is close to Rs 60 crore, the firm said. Finesse International Design was incorporated in 2007 and runs bespoke ethnic wear business selling contemporary Indian designs through a cluster of five stores. It owns the brand “Shantanu and Nikhil” under which it sells apparel, footwear and accessories. For the fiscal year 2019, the firm had a turnover of Rs 35.20 crore.

ABFRL said the acquisition was intended to strengthen presence in the area of branded ethnic apparels and accessories, covering both bespoke ceremonial wear and pret lines.

Ashish Dikshit, MD of ABFRL, said Indian ethnic wear is a large segment in Indian fashion market and the firm has identified it as an important growth opportunity. “This partnership will further deepen our presence in this important and fast growing segment,” he said.

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