 "Aditya Birla Fashion and Retail, ABFRL")
India's Aditya Birla Fashion and Retail (ABFRL) said on Friday it would buy a 51% stake in House of Masaba Lifestyle for about 900 million rupees ($12.14 million), as it seeks to strengthen its presence in the fast growing segment.
Top Indian retailers ABFRL and billionaire Mukesh Ambani-owned Reliance Industries Ltd's retail unit have gone on a shopping spree for premium brands over the past year as they compete for a stronger foothold in the fashion space.
ABFRL picked up a 51% stake in luxury wedding wear brand Sabyasachi in January last year, while Reliance Retail bought 52% of designer
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