Friday, January 27, 2023

Ace designer Sabyasachi sells 51% stakes to Aditya Birla Fashion; Find out why

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There is absolutely no question that from the last decade ace designer, Sabyasachi Mukherjee, has been setting the fashion agenda in India.

Last week, a piece of news broke out that 51 per cent of Sabyasachi’s stake have been acquired by Aditya Birla Group. Know why after 20 years in the industry, Sabyasachi is now more than ever the designer to watch out for.

Aditya Birla Fashion and Retail Limited (ABFRL) announced that it will contribute to Sabyasachi in becoming a global luxury. The aim is to expand the ethnic wear business over the next few years to complement its strong and diverse portfolio in western wear segment of the Indian apparel market. ABFRL is a part of leading Indian conglomerate, Aditya Birla Group, with a revenue of Rs. 8,788 Cr. In FY19-20, it is our country’s first billion-dollar pure-play fashion powerhouse.

Confirming the deal, Sabyasachi Mukherjee said, “Over the course of the last couple of years, as my brand evolved and matured, I began searching for the right partner in order to ensure continuity and long-term sustainable growth. I am honoured and excited to have found that partner in Mr. Kumar Mangalam Birla and ABFRL. Aligned in our vision, and committed to excellence, we will work together to grow a truly global luxury brand out of India.”

Commenting on the partnership with the ace designer, Ashish Dikshit, Managing Director, ABFRL added, “We believe that over the next few years, ethnic wear is going to be an increasingly important category as young and confident Indians rediscover their culture and heritage. The Sabyasachi brand, through its emphasis on excellence in design and craftsmanship has set new benchmarks and captivated the imagination of the sophisticated global Indian consumer. We are proud to partner Sabyasachi in its journey to become the only global luxury brand from India. We see a ‘Made in India’ global brand like Sabyasachi occupying the pinnacle of our ethnic wear portfolio. Over the next few years, ABFRL intends to craft a portfolio that addresses the entire gamut of ethnic wear segments: value, premium and luxury.”

Keep reading EntNetwrk News for more updates.

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