Aditya Birla Fashion and Retail (ABFRL) marked another strategic move by acquiring a 51 percent stake in Styleverse Lifestyle for Rs. 155 crore through its subsidiary, Aditya Birla Digital Fashion Ventures. The deal involved a shareholder agreement and a share subscription agreement.
Styleverse Lifestyle manufactures and sells apparel under the brands The Indian Garage Co, Freehand, and Hardsoda. “The business was earlier operating under a partnership firm The Indian Garage Co and was transferred into SLPL through a business transfer arrangement,” said ABFRL in a statement.
This acquisition follows ABFRL’s successful purchase of a 51 percent stake in TCNS Clothing in September. TCNS Clothing, the owner of esteemed labels such as W, Aurelia, Wishful, Folksong, and Elleven, was acquired for Rs. 1,650 crore, further diversifying ABFRL’s brand portfolio.
ABFRL, an entity formed through the merger of Madura Fashion, Lifestyle division from Aditya Birla Nuvo (ABNL), and Pantaloon in 2015, has become India’s largest listed branded apparel company. With an annual sales figure of approximately Rs 8,136 crore, the conglomerate operates a vast network of stores, including popular brands like Louis Philippe, Van Heusen, Allen Solly, and Peter England.