Business

Aditya Birla Fashion acquires 51 pc stake in Finesse International Design

ANI | July 15, 2019 04:50 PM
ABFRL has a network of 2,714 brand stores across 750 cities

Mumbai (Maharashtra) [India], July 15 (ANI): 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. (ANI)

Have something to say? Post your comment
Must Read
Delhi HC adjourns hearing on plea against triple talaq law
Delhi HC adjourns hearing on plea against triple talaq law
Wrong decisions in J and K should be reversed, political leaders released  Azad
Wrong decisions in J and K should be reversed, political leaders released Azad
Floods in Punjab, a man made calamity, political leadership to be blamed: Khaira
Floods in Punjab, a man made calamity, political leadership to be blamed: Khaira
Punjab CM announces Rs 100 crore support for flood-hit areas
Punjab CM announces Rs 100 crore support for flood-hit areas
Sukhbir’s lies on Rajiv a conspiracy to incite & divide Sikhs, says Capt Amarinder
Sukhbir’s lies on Rajiv a conspiracy to incite & divide Sikhs, says Capt Amarinder
Medical Education and Research Department invites applications for 40 vacancies of professors
Medical Education and Research Department invites applications for 40 vacancies of professors
FDP organised on Effective Teaching learning and Research Writing Methodology at Innocent Hearts Group of Institutions
FDP organised on Effective Teaching learning and Research Writing Methodology at Innocent Hearts Group of Institutions
New education policy poses threat to Multicultural, Multilingual & Multiracial society of country: Tript Bajwa
New education policy poses threat to Multicultural, Multilingual & Multiracial society of country: Tript Bajwa
Successive governments responsible for loss of life and property in Punjab due to floods: Bhagwant Mann
Successive governments responsible for loss of life and property in Punjab due to floods: Bhagwant Mann
Indonesian Students visited LPU to study Digital Marketing
Indonesian Students visited LPU to study Digital Marketing
Sarkaria takes stock of flood like situation in Ropar and Phillaur
Sarkaria takes stock of flood like situation in Ropar and Phillaur
Department of Journalism marks World Photography Day at CT Group
Department of Journalism marks World Photography Day at CT Group