The transfer was made by Shantanu & Nikhil, designers of Finesse, for ₹60 crore.
“Ethnic wear is a large segment in the domestic fashion market and we have identified it as an important growth opportunity. With the acquisition of Shantanu & Nikhil, we hope to grow our existing couture business apart from launching new pret (ready-to-wear) lines to extend the reach,” Ashish Dikshit, managing director of Birla Fashion, said.
Aditya Birla Fashion and Retail Ltd. (ABFRL) emerged after the consolidation of the branded apparel businesses of Aditya Birla Group comprising ABNL’s Madura Fashion division and ABNL’s subsidiaries Pantaloons Fashion and Retail (PFRL) and Madura Fashion & Lifestyle (MFL) in May 2015. Post the consolidation, PFRL was renamed Aditya Birla Fashion and Retail Ltd.
Finesse is primarily engaged in bespoke occasion and ceremonial contemporary apparel for men and women and sells them under the label of Shantanu & Nikhil.
These two acquisitions, however, are subject to receipt of necessary statutory approvals, if any, and customary closing conditions, which are expected to get completed by this month.
Birla Fashion reported revenue of Rs 8,118 crore and spanning retail space of 7.5 million sq ft as of March 2019. It also houses leading brands such as Louis Philippe, Van Heusen, Allen Solly and Peter England in its portfolio. The company also owns value fashion store brand Pantaloons.
This is not the first slew of acquisitions by Birla Fashion. In 2016, the company had acquired global clothing brand Forever 21 in the Indian market for $26 million.