Aditya Birla Fashion and Retail (ABFRL) set to pick up majority stake in House of Masaba
14 January 2022, Mumbai:
Aditya Birla Fashion and Retail (ABFRL) said on Friday it would buy a 51% stake in House of Masaba Lifestyle for about Rs 90 crore ($12.14 million), as it seeks to strengthen its presence in the fast-growing segment.
Top Indian retailers ABFRL and billionaire Mukesh Ambani-owned Reliance Industries Ltd's retail unit have gone on a shopping spree for premium brands over the past year as they compete for a stronger foothold in the fashion space.
ABFRL picked up a 51% stake in luxury wedding wear brand Sabyasachi in January last year, while Reliance Retail bought 52% of designer label Ritu Kumar in October.
ABFRL and House of Masaba Lifestyle have entered a binding term sheet agreement, marking the Aditya Birla Group company's entry into the beauty & personal care market in India, ABFRL said.
House of Masaba Lifestyle is targeting annual revenues of around Rs 500 crore in the next five years and will be scaled predominantly through an online platform, ABFRL said.
- ABFRL looks to bolster with this its portfolio of fashion labels
- Both ABFRL & RELIANCE RETAIL have been on the shopping spree for Brands
- With this newly forged partnership ABFRL forays into beauty & personal care
(The news article has not been edited by DFU Publications staff)