India's leading fashion company, Aditya Birla Fashion and Retail Limited has announced a partnership with India's leading designers Shantanu & Nikhil with the acquisition of 51% stake in M/s Finesse International Design Private Limited ("Finesse"), a company primarily engaged in the business of bespoke occasion and ceremonial contemporary apparel for men and women under the brand name 'Shantanu & Nikhil'.
The ABFRL Acquisition Committee of the Board of Directors of Aditya Birla Fashion and Retail Limited ['ABFRL'] today approved acquisition of 51% equity stake of Finesse through combination of primary equity infusion and secondary share purchase by way of signing of Share Subscription and Purchase Agreement and Shareholders' Agreement with Finesse and its shareholders. The completion of proposed acquisition is subject to necessary approvals and customary closing conditions.
Commenting on the transaction, Mr. Ashish Dikshit, Managing Director, ABFRL said: "Indian consumers are increasingly seeking contemporary India inspired designer wear in their wardrobes which combines the best of modern fashion with Indian traditions. Brand 'Shantanu & Nikhil' is the finest representation of this design philosophy. We are delighted to work with Shantanu & Nikhil to not just grow the existing couture business but also launch new prÍt lines to extend the appeal and reach of this fashion across more consumer and market segments. Indian ethnic wear is a large segment in Indian fashion market and we have identified it as an important growth opportunity for ABFRL. This partnership will further deepen our presence in this important & fast growing segment and strengthen our leadership position in the overall branded apparel market."
"This is the beginning of a new era in affordable luxury. Shantanu & Nikhil along with ABFRL embarks on a pathbreaking new journey of retail in India. It will be another creative chapter in our lives where the dreams of every Indian wearing a Shantanu & Nikhil will now come true. A 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 shall now be the new playground for accessible designer wear in its truest form" said Shantanu Mehra & Nikhil Mehra.
Shares of Aditya Birla Fashion and Retail Ltd was last trading in BSE at Rs.206.45 as compared to the previous close of Rs. 208.6. The total number of shares traded during the day was 21346 in over 651 trades.
The stock hit an intraday high of Rs. 210.65 and intraday low of 202.9. The net turnover during the day was Rs. 4426044.