ABFRL, Sabyachi Partner To Grow Ethnic Wear Portfolio
Aditya Birla Fashion and Retail has acknowledges a strategic partnership with Sabyasachi by signing an agreement for acquiring 51% stake in Sabyasachi brand.
The ABFRL platform will help brand Sabyasachi on its journey to becoming a global luxury house out of India.
This partnership will add significant weight to ABFRL’s growing ethnic wear portfolio. This will accelerate the company’s strategy to capture a share of ethnic wear market through portfolio of brands, across key consumer segments, usage occasions and geographies. The company expects to build an ethnic wear business over next few years to complement its portfolio in western wear segment of the Indian apparel market.
"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," says the Managing Director of ABFRL, Ashish Dikshit commenting on the partnership with designer Sabyasachi.
CEO and Founder of Sabyasachi Brand, Sabyasachi Mukherjee expresses, “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 Mr. 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.”
The proposed acquisition is subject to necessary statutory approvals and signing of definitive agreements.
