By Aditya Kalra, Abhirup Roy
NEW DELHI, Jan 27 (Reuters) – Indias Aditya Birla Fashion and Retail Ltd (ABFRL) stated on Wednesday it would purchase a 51% stake in the Sabyasachi brand name, best understood for high-end wedding wear favoured by Bollywood celebs and rich company households.
The deal will see ABFRL inject 3.98 billion rupees ($ 54.53 million) into Sabyasachi Couture for the stake, ABFRL said in a declaration to Indian stock market.
Sabyasachis designs – though highly priced and out of reach of many middle-class Indians – are typically copied and offered at deep discounts in regional markets. The Vogue website on Wednesday noted one specific Sabyasachi wedding clothings cost at 395,000 rupees ($ 5,407).
ABFRLs declaration quoted Mukherjee as saying the deal followed his efforts to discover the ideal partner to “guarantee connection and long-term sustainable growth”.
ABFRL – which operates more than 3,000 stores in India – likewise manufactures popular Indian garments brands and owns a retail chain named Pantaloons. (Reporting by Aditya Kalra in New Delhi and Abhirup Roy in Mumbai.
The financial investment will allow ABFRL to strengthen its position in the largest and one of the fastest-growing fashion sectors in the nation, enabling it to tap into the high-end markets of clothes, jewellery and devices, it said.
Sabyasachi Mukherjee, the brand names founder, is among Indias most-famous designer whose complex and custom styles have actually typically been the top wedding-wear choice of film stars like Priyanka Chopra and the family of Mukesh Ambani, Indias wealthiest man.