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Aditya Birla Fashion Retail to acquire 2 ethnic wear brands
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.
Aditya Birla Fashion and Retail Ltd (ABFRL) said Monday it will acquire ethnic wear brands Jaypore and TG Apparel & Decor Pvt Ltd to strengthen its position in the branded fashion space.
The company said ethnic wear is the largest segment in the Indian fashion apparel market.
"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 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.
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