Aditya Birla Group has a network of 2,714 brand shops across 750 towns
- Jaypore clocked revenue of Rs 38.9 crore in FY19
- The firm expects to complete the agreement within 30-45 days.
Aditya Birla Fashion and Retail Ltd (ABFRL) said on Monday that it will purchase ethnic wear brands Jaypore and TG Apparel & Decor in an effort to reinforce its presence in ethnic clothing and accessories. The firm expects to complete the agreement within 30-45 days.
TG Apparel & Decor in clothing and accessories area had a turnover of Rs 33.7 crore in FY19 and ABFRL will obtain 100% interest for an equity value of up to Rs 25 lakhs subject to the book price at closing.
Launched in 2012, Jaypore, an online and offline retailer offering curated collections of handmade, hand-woven and hand-crafted clothing, jewelry, home fabrics and accents based on craft shapes across the nation; clocked revenue of Rs 38.9 crore in FY19.
Commenting on Jaypore’s 100% takeover, Ashish Dikshit, ABFRL Managing Director, said, “Ethnic wear is the Indian fashion clothing market’s biggest segment. “While we have constructed a diverse portfolio of products across various sections, ethnic wear space is presently under-represented in our consumer bouquet,” he added.
Therefore, the suggested purchase is an excellent strategic addition to our portfolio and provides us with a strong base in a segment that is increasing in double digits, he said. Aditya Birla Fashion and Retail is component of the Aditya Birla Group’s USD 44.3 billion.
With income from Rs 8,118 crore; it has a powerful network of 2,714 brand shops across 750 towns across the nation; including products such as Louis Philippe, Van Heusen, Allen Solly, Peter England and Pantaloons. The portfolio of International Brands includes — The Collective, Ted Baker, Ralph Lauren, American Eagle, and Simon Carter.
Do you also think this will help the Aditya Birla Group cement its position deep in the brand apparel market? Do tell us in the comments.
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