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ICICI Securities Report
Aditya Birla Fashion and Retail Ltd. has entered into a long-term licensing agreement with Reebok International Ltd. to acquire the exclusive online and offline rights to the global brand Reebok for the Indian market.
It has also got into a purchase agreement to buy certain assets / liabilities of Reebok India company including inventory for a consideration of Rs 0.75 billion-1 billion.
The said transaction marks the company’s entry into India’s fast-growing sport and active wear segment and will further strengthen Aditya Birla Fashion’s overall portfolio.
We believe Aditya Birla Fashion would be able to deliver low double-digit (pre-Ind AS-116) Ebitda margin for Reebok India post royalty expenses, and hence, this transaction is likely to add 4-5% to consolidated Ebitda (pre-Ind AS-116) from FY23E.
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