With brands like Van Heusen, Allen Solly, Peter England and more already under its name, Aditya Birla Fashion is all set to acquire 51 percent stake in Sabyasachi Mukherjee’s luxury bridal label.
Sabyasachi Mukherjee”s brand, Sabyasachi, has today become a household name almost. The ace fashion designer known for his strong Indian roots and luxurious Indian Bridal Wear created a mass appeal with his designs and creations. The ace designer is now all set to sell 51% stake of his brand to Aditya Birla Fashion and Retail Ltd. (ABFRL). The Birla group has popular brands like Van Heusen, Allen Solly, Louis Philippe and Peter England under its name and has sights on entering as a player in the ethnic wear section of the market.
In a statement, Sabyasachi Mukherjee, the Founder and CEO of Sabyasachi, who’s FY20 revenue was Rs 274 Crore said that he was excited to have found a partner in ABFRL and Kumar Mangalam Birla. “Aligned in our vision, and committed to excellence, we will work together to grow a truly global luxury brand out of India,” the Kolkata-based designer added.
A press release by ABFRL stated that the firm is excited to compliment Sabyasachi on becoming a global luxury house in India while adding significant weight to the firm’s growing ethnic wear portfolio. With Sabyasachi having strong Indian roots and a global appeal, “The brand straddles categories such as apparel, accessories and jewellery and has a strong franchise in India, US, UK and the Middle East,” said ABFRL who paid Rs 398 crore for 51% stake of the company.
The firm expects to build an ethnic wear business in the years ahead. “We see a ‘Made In India’ global brand like Sabyasachi occupying the pinnacle of our ethnic wear portfolio,” Ashish Dikshit, Managing Director of ABFRL said.
The acquisition is now subject to approvals and signing of agreements.
What are your thoughts on this news? How do you think it will impact Sabyasachi as a brand? Comment below and let us know.
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