After Shantanu, Nikhil and Sabyasachi, designer Tarun Tahiliani has entered into a strategic partnership with Aditya Birla Fashion, unveiling a collection that comprises contemporary menswear brand and will sell 33% of his Luxury Couture business to ABFRL, with the option to take it up to 51% in the next few years.
The designer says that the last year his label celebrated 25 years in the fashion industry. The next big leap for the brand was to take the craftsmanship and expertise and offer it to a larger Indian market that values quality clothing. The brand was looking for a partnership that could not only help it with this scale but also share the dedication to provide quality to the customers.
The first set of retail stores will open in September this year which aims to build Rs.500 Crore business within the next five years with more than 250 retail stores across the country. 80% of the stakes in the new entity will be held by ABFRL and the rest of the 20% will be held by Tarun Tahiliani.
Commenting on the partnership, Ashish Dikshit, Managing Director, ABFRL said, “We believe that over the next few years, ethnic wear is going to be an important category as confident Indians rediscover their culture and heritage. Tarun Tahiliani has been at the forefront of the emergence of the Indian design industry. We are proud to partner with him to launch a new brand that gives the emerging Indian consumer a new range of celebration wear reflecting the unmatched, exquisite design excellence at more accessible prices.”
On this note, Tarun Tahiliani also opened up on what this corporate investment means for his label. “I have long believed that Indian fashion has to go the corporate way because, unfortunately, barring very few people, it has stayed small.”
Keep reading EntNetwrk News for more updates.