Aditya Birla Fashion and Retail today announced a strategic partnership with India’s largest designer brand, Sabyasachi by acquiring 51 per cent stake in Sabyasachi brand for Rs 398 crore..
Founded by Sabyasachi Mukherjee, the “Sabyasachi” brand is India’s largest and most influential luxury designer brand with strong Indian roots and global appeal. For the fiscal 2020, the company reported Rs 274 crore of revenue.
The brand straddles categories such as apparel, accessories and jewellery and has a strong franchise in India, USA, UK and the Middle East. The ABFRL platform will complement brand Sabyasachi on its journey to becoming a global luxury house out of India.
Since 1999, Sabyasachi brand has emerged as one of the most influential cultural voices in the country, shaping modern fashion and lifestyle while celebrating artisanal craftsmanship and traditional techniques in each and every product.
This partnership will add significant weight to ABFRL’s growing ethnic wear portfolio. This will accelerate the company’s strategy to capture a large share of ethnic wear market through a comprehensive and attractive portfolio of brands, across key consumer segments, usage occasions and geographies.
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The company expects to build a large ethnic wear business over next few years to complement its strong and diverse portfolio in western wear segment of the Indian apparel market.
Ashish Dikshit, Managing Director, ABFRL said: “We believe that over the next few years, ethnic wear is going to be an increasingly important category as young and confident Indians rediscover their culture and heritage. The Sabyasachi brand, through its emphasis on excellence in design and craftsmanship has set new benchmarks and captivated the imagination of the sophisticated global Indian consumer. We are proud to partner Sabyasachi in its journey to become the only global luxury brand from India. We see a ‘Made in India’ global brand like Sabyasachi occupying the pinnacle of our ethnic wear portfolio. Over the next few years, ABFRL intends to craft a portfolio that addresses the entire gamut of ethnic wear segments: value, premium and luxury.”
Sabyasachi Mukherjee, CEO and Founder, Sabyasachi Brand, said: “Over the course of the last couple of years, as my brand evolved and matured, I began searching for the right partner in order to ensure continuity and long-term sustainable growth. I am honoured and excited to have found that partner in Kumar Mangalam Birla and ABFRL. Aligned in our vision, and committed to excellence, we will work together to grow a truly global luxury brand out of India.”