- Angela Gonzalez-Rodriguez
New York – India’s Aditya Birla Fashion and Retail Ltd (ABFRL), which
counts labels such as Louis Philippe, Peter England and Van Heusen on its
portfolio, announced earlier this week it has acquired a 51 percent stake
in Finesse International Design.
As explained in a joint release, the acquisition of Finesse
International Design is a combination of primary equity infusion and
secondary share purchase. The completion of the proposed acquisition is
subject to necessary approvals and customary closing conditions.
Finesse International Design retails bespoke ceremonial wear and
contemporary apparel for men and women under the Shantanu and Nikhil brand.
This acquisition comes soon after ABFRL acquired ethnic apparel and
lifestyle retailer Jaypore.
“Indian ethnic wear is a large segment in the Indian fashion market and
we have identified it as an important growth opportunity for us,” said
Ashish Dikshit, managing director, ABFRL. Indian consumers are increasingly
seeking contemporary India-inspired designer wear, he further added,
backing up the group’s growing interest in ethnic fashion.
ABFRL will grow the brand’s existing couture business but also launch
new ready-to-wear collections to extend the reach of the brand across more
consumer and market segments, the company said, indicating that there could
be a more affordable range coming from the brand that has been worn by
celebrities such as Kareena Kapoor, Amitabh Bachchan, Serena Williams and
Commenting the deal, Debashish Mukherjee, partner and head, consumer and
retail, India, at AT Kearney, highlighted that “Branded ethnic wear that
addresses the aspirations and design quotient of working millennials is a
great way of creating expansive growth.”