Aditya Birla Fashion & Retail ready to launch men ethnic wear brand; share climbs 6 per cent
Aditya Birla Fashion & Retail Ltd (ABFRL) announced its strategic partnership with Tarun Tahiliani, India's ace designer to form a new entity with an aim to launch a contemporary men's ethnic wear brand.
The new brand would be operated in the premium occasion wear segment and will be designed to offer an entire range of high-quality, sophisticated celebration wear at accessible price points to men. The new brand focusses on creating a strong business of Rs 500 crore in the coming 5 years with more than 250 stores across the country. The initial set of retail stores will be launched by September 2021. The new entity will have an 80 per cent stakeholding by ABFRL while 20 per cent by Tarun Tahiliani.
ABFRL obtaining a 33 per cent stake in Tarun Tahiliani's existing Luxury Couture business is also a part of the current deal. The deal has an option to increase this stake to 51 per cent. The current partnership is in line with ABFRL's strategy of crafting a portfolio of brands that address the entire gamut of the ethnic wears segment including value, premium, and luxury.
ABFRL is a fashion & lifestyle company, providing branded fashion apparels and accessories along with the retail sale of clothing, footwear and leather articles in stores.
Due to a technical glitch, BSE is still opened beyond its usual market hours. At 4.48 pm, the company’s stock is trading at Rs 178.50, up by 6.09 per cent against its previous close of Rs 168.25 on BSE.