Aditya Birla Fashion and Retail buys 51% stake in designer brand Sabyasachi, Retail News, ET Retail

NEW DELHI/MUMBAI: Aditya Birla Vogue and Retail (ABFRL) is established to invest in 51% stake in Sabyasachi Couture for Rs 398 crore.

By way of this financial investment, the Rs 8,788-crore ABFRL will improve its participate in in the ethnic have on phase.

Integrated in 1990 by its namesake, designer Sabyasachi Mukherjee, Sabyasachi documented revenues of Rs 274 crore in fiscal 2020.

The brand name straddles classes these types of as attire, add-ons and jewelry and has franchise in India, US, Uk and the Center East.

ABFRL said that the strategic partnership will complement brand name Sabyasachi on its journey to getting a world-wide luxury residence out of India.

This partnership will include sizeable pounds to ABFRL’s developing ethnic have on portfolio. The firm expects to build a massive ethnic have on business more than following couple many years to complement its sturdy and varied portfolio in western have on phase of the Indian attire sector.

“We consider that more than the following couple many years, ethnic have on is going to be an progressively crucial group as youthful and assured Indians rediscover their tradition and heritage,” said Ashish Dikshit, MD at ABFRL.

“Over the following couple many years, ABFRL intends to craft a portfolio that addresses the total gamut of ethnic have on segments: price, high quality and luxury,” he extra.

“In the very last pair of many years, as my brand name advanced and matured, I commenced hunting for the suitable partner in buy to make certain continuity and long-phrase sustainable expansion,” said Sabyasachi Mukherjee, CEO and founder, Sabyasachi.

“I am honoured and excited to have discovered that partner in Kumar Mangalam Birla and ABFRL…we will do the job jointly to expand a really world-wide luxury brand name out of India,” the designer extra.

EY, PWC and Shardul Amarchand Mangaldas & Co were the transaction advisors for Sabyasachi ABFRL was encouraged by KPMG, Khaitan & Co and Transaction Square LLP.