NEWS

Aditya Birla Fashion and Retail (ABFRL) to buy 51% stake in Sabyasachi for ₹398 cr

By VARINDIA - 2021-01-28

Aditya Birla Fashion and Retail Limited (ABFRL) has signed a definitive agreement to buy 51 per cent stake in designer brand Sabyasachi for Rs 398 crore. Sabyasachi is India's largest luxury designer brand, with interests in categories from apparel to accessories to jewellery for both men and women, and presence in India, the US, the UK and the Middle East.

As per the regulatory filing, the deal is expected to be closed in late-February or mid-March this year. Through Sabyasachi brand, ABFRL will be able to tap luxury and bridge to luxury segments across all categories such as apparel, jewellery and accessories," the company said in a regulatory statement.

Ashish Dikshit, Managing Director, ABFRL said: “We are proud to partner Sabyasachi in its journey to become the only global luxury brand from India. We see a ‘Made in India’ global brand like Sabyasachi occupying the pinnacle of our ethnic wear portfolio. Over the next few years, 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 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.