Aditya Birla Fashion Buys ‘Shantanu & Nikhil’ Ethnic Wear Brand For Rs 60 Crore
Aditya Birla Fashion and Retail Ltd. has acquired 51 percent stake in ethnic wear brand Finesse International Design promoted by designers Shantanu & Nikhil for Rs 60 crore.
Finesse is primarily engaged in bespoke occasion and ceremonial contemporary apparel for men and women and sells them under the label of Shantanu & Nikhil.
“With the acquisition of Shantanu & Nikhil, we hope to grow our existing couture business apart from launching new pret lines to extend the reach," Ashish Dikshit, managing director of Aditya Birla Fashion and Retail, said in a statement.
The company expects to complete the acquisition deal in the next one month.
In June, Aditya Birla acquired ethnic wear brands Jaypore and TG Apparel & Decor.
Aditya Birla Fashion, which sells apparel under brands such as Louis Philippe, Van Huesen, Allen Solly and Peter England, had a revenue of Rs 8,118 crore in 2018-19. Its international brands portfolio include The Collective, Ted Baker, Ralph Lauren, American Eagle and Simon Carter.
Aditya Birla Fashion has retail space of 7.5 million square feet across India includes Pantaloons, a chain of value fashion stores it acquired from the Future Group in 2012.
On Monday, Aditya Birla Fashion shares fell 0.91 percent to Rs 206.70 apiece on the BSE while the benchmark Sensex gained 0.41 percent to end the day at 38,896.71 points.