Aditya Birla Fashion Retail to acquire 2 ethnic wear brands
Team Udayavani, Jun 10, 2019, 4:31 PM IST
Aditya Birla Fashion and Retail Ltd (ABFRL) said on Monday it will acquire ethnic wear brands Jaypore and TG Apparel & Decor Pvt Ltd to strengthen its position in the branded fashion space.
“The board of directors of the company have approved entering into a share purchase agreement with the existing shareholders of Jaypore E-Commerce Pvt Ltd, which sells ethnic fashion merchandise under its own brand Jaypore and of other third-party brands,” Aditya Birla Fashion and Retail Ltd said in a regulatory filing.
The board also approved entering into a share purchase agreement with the existing shareholders of TG Apparel & Decor Pvt Ltd, which retails ethnic fashion, both online and offline, the company added.
“Ethnic wear is the largest segment in the Indian fashion apparel market. While ABFRL has built a diversified portfolio of brands across different segments, ethnic wear space is currently under-represented in our bouquet of offerings to consumers. The proposed acquisition is, therefore, a great strategic addition to our portfolio and gives us a strong footing in a segment that is growing in double digits. This acquisition will further strengthen the leadership position of ABFRL in the branded fashion spac,” ABFRL Managing Director Ashish Dikshit said.
The above is subject to receipt of necessary statutory approvals, if any and customary closing conditions, which are expected to get completed in 30-45 days.
Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.
Top News
Related Articles More
Markets stage sharp recovery; Sensex reclaims 79k level, Nifty surges 557.35 points
Baku climate talks: The ‘X’ factor that could determine future of Global South
Kidnapped for ransom in 1998, 26/11 survivor Gautam Adani faces biggest trial
Gautam Adani charged in US with USD 250 mn bribery, fraud
India’s GDP growth likely to slip at 6.5 pc, maintains 7 pc estimate for FY25: Icra
MUST WATCH
Latest Additions
Belagavi: Was youth killed for an iPhone? Police launch intensive probe
K’taka Health Minister calls for collaborative efforts to combat Antimicrobial Resistance
Public Alert: Cyber fraudsters impersonating traffic police to demand fines
Court acquits MLA Bachchu Kadu in 2011 Mantralaya clerk slapping case
Markets stage sharp recovery; Sensex reclaims 79k level, Nifty surges 557.35 points
Thanks for visiting Udayavani
You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.