The all-cash deal is worth a staggering 398 crore (approx. THB 1.6 billion).
By Ashima Sethi
Aditya Birla Fashion and Retail Limited (ABFRL), part of the Aditya Birla Group conglomerate, has announced their partnership with leading luxury clothing brand, Sabyasachi. The brainchild of designer and CEO Sabyasachi Mukherjee, the brand is best known for their wedding couture, but has expanded in the last few years to sell accessories and jewellery across their stores in India, the United States, the United Kingdom, and the Middle East.
Currently, ABFRL has a network of over 3,000 stores with their presence in approximately 25,000 multi-brand outlets, but their intention with this acquisition is that it will “add weight to its growing ethnic wear portfolio and will accelerate the company’s strategy to capture a large share of the ethnic wear market,” the company was reported to have said by Bloomberg Quint in the filling. The all-cash deal is worth 398 crore (approximately THB 1.6 billion) and is expected to be completed in 30-45 days depending on statutory approvals and agreement signings.
Ashish Dikshit, Managing Director at Aditya Birla Fashion, said in a press release: “We believe that 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. The Sabyasachi brand, through its emphasis on excellence in design and craftsmanship has set new benchmarks and captivated the imagination of the sophisticated global Indian consumer.” It’s expected that the company will continue to grow all facets of their ethnic wear portfolio, covering three segments: value, premium, and luxury, in the near future.
Featured image: The Economic Times