Aditya Birla Fashion and Retail Limited (ABFRL) has reportedly acquired 51 per cent bet in Finesse International Design. It runs bespoke apparel retail brand Shantanu and Nikhil, for Rs 60 crore.
Finesse International Design was established in 2007. It runs five stores with annual sales of Rs 35 crore selling ethnic apparel, footwear and accessories. In a statement, the company said that the acquisition is through the combination of primary equity infusion and secondary share purchase.
Managing Director of the ABFRL, Ashish Dikshit said, “Indian consumers are increasingly seeking contemporary India inspired designer wear in their wardrobes which combine the best of modern fashion with Indian traditions.” Aditya Birla Fashion and Retail Limited have a significant network of over 2,700 stores for brands such as Van Heusen, Louis Philippe, Peter England and Allen Solly.
Earlier last month, ABFRL acquired Jaypore.com, an artisanal e-tailer for Rs 110 crore as the group entered a largely unorganised market of traditional and ethnic products.