- Aditya Birla Fashion and Retail Limited (ABFRL) on Monday said it has acquired a 51% stake in Finesse International Design.
- Aditya Fashion is one of the Aditya Birla Group subsidiaries along with Hindalco Industries, Ultratech Cement, Grasim Industries and many more.
Aditya Birla Fashion and Retail Limited (ABFRL) which owns brands such as Louis Philippe, Peter England and Van Heusen, on Monday said it has acquired a 51% stake in Finesse International Design that retails bespoke ceremonial wear and contemporary apparel for men and women under the Shantanu and Nikhil brand for ₹60 crore.
Established in 2007, Finesse runs five stores selling ethnic apparel, footwear, and accessories, with annual sales of Rs35 crore. The acquisition is through a combination of primary equity infusion and secondary share purchase, the company said in a statement.
“Indian consumers are increasingly seeking contemporary India inspired designer wear in their wardrobes which combines the best of modern fashion with Indian traditions,” said Ashish Dikshit, managing director, ABFRL that has a network of over 2,700 stores for brands such as Louis Philippe, Van Heusen, Allen Solly, and Peter England.
The acquisition of Finesse International Design is a combination of primary equity infusion and secondary share purchase, ABFRL said in a filing to BSE.
ABFRL will grow the brand’s existing couture business but also launch new ready-to-wear collections to extend the reach of the brand across more consumer and market segments, the company said, indicating that there could be a more affordable range coming from the brand that has been worn by celebrities such as Kareena Kapoor, Amitabh Bachchan, Serena Williams, and Priyanka Chopra.
Indian wear, initially largely restricted to the older age segment, are now finding acceptance among younger consumers as well, with players such as Manyavar and FabIndia driving the market especially at the mass-premium end while designer labels cater to the upmarket high-end bespoke segment.
Last month, ABFRL acquired Jaypore.com, an artisanal e-tailer for Rs 110 crore as the group entered a largely unorganized market of traditional and ethnic products.
Aditya Fashion is one of the Aditya Birla Group subsidiaries along with Hindalco Industries, Ultratech Cement, Grasim Industries and many more.