Aditya Birla Fashion and Retail Limited (ABFRL), a leading fashion company in India, has announced acquisition of 51 per cent stake in Finesse International Design Private Limited, a company primarily engaged in the business of bespoke occasion and ceremonial contemporary apparel for men and women under the brand name ‘Shantanu & Nikhil’.
The acquisition of 51 per cent equity stake of Finesse will be done through combination of primary equity infusion and secondary share purchase by way of signing of Share Subscription and Purchase Agreement and Shareholders’ Agreement with Finesse and its shareholders. The completion of proposed acquisition is subject to necessary approvals and customary closing conditions, ABRFL said in a filing with the stock exchanges.
“Indian consumers are increasingly seeking contemporary India inspired designer wear in their wardrobes which combines the best of modern fashion with Indian traditions. Brand ‘Shantanu & Nikhil’ is the finest representation of this design philosophy. We are delighted to work with Shantanu & Nikhil to not just grow the existing couture business but also launch new prêt lines to extend the appeal and reach of this fashion across more consumer and market segments. Indian ethnic wear is a large segment in Indian fashion market and we have identified it as an important growth opportunity for ABFRL. This partnership will further deepen our presence in this important and fast-growing segment and strengthen our leadership position in the overall branded apparel market,” ABFRL Managing Director Ashish Dikshit said.
“This is the beginning of a new era in affordable luxury. Shantanu & Nikhil along with ABFRL embarks on a path breaking new journey of retail in India. It will be another creative chapter in our lives where the dreams of every Indian wearing a Shantanu & Nikhil will now come true. A strategic joint venture of this sort is perhaps only the first of its kind where fashion meets business and one that will redefine the Indian fashion landscape. With this unique collaboration, India shall now be the new playground for accessible designer wear in its truest form,” said designers Shantanu Mehra & Nikhil Mehra.