Aditya Birla Fashion snaps up ethnic wear brand Finesse for Rs 60 Cr
Finesse is primarily engaged in bespoke occasion and ceremonial contemporary apparel for men and women and hawks them under the label of Shantanu & Nikhil.
Aditya Birla Fashion has acquired a majority stake of 51 percent stake in ethnic wear brand Finesse International Design promoted by designers Shantanu & Nikhil for Rs 60 crore. The company expects to close the deal over the next one month.
Finesse is primarily engaged in bespoke occasion and ceremonial contemporary apparel for men and
women and sells them under the label of Shantanu & Nikhil.
Birla Fashion Managing Director Ashish Dikshit, in a statement, said,
“Ethnic wear is a large segment in the domestic fashion market and we have identified it as an important growth opportunity. With the acquisition of Shantanu & Nikhil, we hope to grow our existing couture business apart from launching new pret (ready-to-wear) lines to extend the reach.”
Last month, ABFRL had said it would acquire ethnic wear brands Jaypore and TG Apparel & Decor.
These two acquisitions, however, are subject to receipt of necessary statutory approvals, if any, and customary closing conditions, which are expected to get completed by this month.
Just last week, Aavishkaar Capital, the equity arm of The Aavishkaar Group, and the only institutional investor in Jaypore, said that it has marked its third exit, through the full acquisition of the ethnic wear brand (Jaypore).
Birla Fashion reported revenue of Rs 8,118 crore and spanning retail space of 7.5 million sq ft as of
March 2019. It also houses leading brands such as Louis Philippe, Van Heusen, Allen Solly and Peter England in its portfolio. The company also owns value fashion store brand Pantaloons.
This is not the first slew of acquisitions by Birla Fashion. In 2016, the company had acquired global clothing brand Forever 21 in the Indian market for $26 million (around Rs 175.52 crore).
Additional background information has been added to this PTI copy for context.
(Edited by Saheli Sen Gupta)
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