Aditya Birla Fashion and Retail
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Sabyasachi, Tarun Tahiliani
Weeks after picking up a majority stake in Indian couture brand Sabyasachi, Aditya Birla Fashion and Retail (ABFRL) has struck a deal with New Delhi-based fashion designer Tarun Tahiliani, that will give it around 34% stake in the latter’s luxury business and 80% stake in a new entity that will develop and launch affordable premium ethnic wear and accessories.
While the new brand, to be co-created by ABFRL and Tahiliani, aims to build a Rs 500-crore business in five years with more than 250 stores across the country, ABFRL will have the option to increase its stake in the designer’s luxury business (Goodview Properties), for which it will pay Rs 67 crore, to 51% in the next few years.
“Ethnic wear is going to be an important category as confident Indians rediscover their culture and heritage,” said Ashish Dikshit, MD at ABFRL.