Aditya Birla Fashion and Retail Ltd. (ABFRL) has signed a definitive agreement for acquiring 51% stake in luxury designer brand Sabyasachi.
The brand is into categories such as apparel, accessories and jewellery and has a strong franchise in India, U.S., U.K. and the Middle East. “The ABFRL platform will complement brand Sabyasachi on its journey to becoming a global luxury house out of India,” the company said adding it would build a large ethnic wear business over next few years to complement its strong and diverse portfolio in western wear segment of the Indian apparel market.
“The proposed acquisition is subject to necessary statutory approvals and signing of definitive agreements,” the company said.
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