Aditya Birla Fashion and Retail Ltd. (ABFRL) is going to acquire 51 per cent stake in India’s largest designer brand Sabyasachi. The fashion company has entered the strategic partnership by signing a definitive agreement for paying Rs 398 crore to the designer brand.
In a disclosure to the exchanges, the Aditya Birla group firm said, “Sabyasachi is India’s largest and most influential luxury designer brand with strong Indian roots and global appeal. The brand straddles categories such as apparel, accessories and jewelry and has a strong franchise in India, US, UK and the Middle East.
The ABFRL platform will complement brand Sabyasachi on its journey to becoming a global luxury house out of India. This partnership will add significant weight to ABFRL’s growing ethnic wear portfolio”.
“This will accelerate the company’s strategy to capture a large share of ethnic wear market through a comprehensive and attractive portfolio of brands, across key consumer segments, usage occasions and geographies. The company expects to build a large ethnic wear business over next few years to complement its strong and diverse portfolio in western wear segment of the Indian apparel market,” it added.
Commenting on the partnership with ace designer Sabyasachi, Ashish Dikshit, Managing Director, ABFRL, said, “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. We are proud to partner Sabyasachi in its journey to become the only global luxury brand from India.”
“I am honored and excited to have found that partner in 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,” said Sabyasachi Mukherjee, CEO and Founder, Sabyasachi Brand.
