Aditya Birla Fashion and Retail Ltd (ABFRL) on Monday announced a partnership with India's leading designers Shantanu & Nikhil with the acquisition of 51 per cent stake in Finesse International Design, a company primarily engaged in the business of bespoke occasion and ceremonial contemporary apparel for men and women.
The ABFRL acquisition committee of the board of directors approved the acquisition by way of signing the share subscription and purchase agreement.
"Indian consumers are increasingly seeking contemporary India inspired designer wear in their wardrobes which combines the best of modern fashion with Indian traditions, said ABFRL Managing Director Ashish Dikshit. "Brand Shantanu & Nikhil is the finest representation of this design philosophy," he said in a statement.
Dikshit said Indian ethnic wear is a large segment in Indian fashion market and the company has identified it as an important growth opportunity
Shantanu Mehra and Nikhil Mehra said the strategic joint venture of this sort is perhaps only the first-of-its-kind where fashion meets business and one that will redefine the Indian fashion landscape. "With this unique collaboration, India will now be the new playground for accessible designer wear in its truest form."
ABFRL is a part of 48.3 billion dollar (about Rs 3.35 lakh crore) Aditya Birla Group. With revenue of Rs 8,118 crore spanning retail space of 7.5 million square feet, ABFRL has a strong network of 2,714 brand stores across 750 cities in the country.
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