"This will accelerate the company's strategy to capture a large share of ethnic wear market through a comprehensive and attractive portfolio of brands, across key consumer segments, usage occasions and geographies."
The company expects to build a large ethnic wear business over next few years to complement its strong and diverse portfolio in western wear segment of the Indian apparel market.
ABFRL Managing Director Ashish Dikshit said ethnic wear is going to be an increasingly important category as young and confident Indians rediscover their culture and heritage.
"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," he said.
EY, PWC and Shardul Amarchand Mangaldas and Company were the transaction advisors for Sabyasachi. ABFRL was advised by KPMG, Khaitan and Company and Transaction Square LLP.
With revenue of Rs 8,788 crore, ABFRL has a network of 3,025 stores across 26,000 multi-brand outlets with 6,500-plus point of sales in department stores across India.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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