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On Wednesday, 27th January, ABFRL made an announcement that its platform is going to collaborate with brand Sabyasachi on its way to become a global luxury house out of India.
Popular and one of the most influential company brands, it is the reigning labels in Indian fashion, Sabyasachi, enters into a strategic partnership with Aditya Birla Fashion and Retail Limited (ABFRL) by which Aditya Birla Fashion has acquired 51 percent stake in the brand for an undisclosed amount.
The label of fashion designer Sabyasachi Mukherjee has been a top retailer in Indian fashion since 1999 with a presence across the country and internationally. Right from his simple beginnings in Kolkata, designer Sabyasachi Mukherjee has his brand take strength as the proud owner of what can only be called as India’s first ‘Luxury Fashion House’ in the real sense of the term.
CEO and Founder of Sabyasachi Brand, Mr. 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.”
Sabysachi Mukhrjee’s brand offers categories such as apparel, accessories and jewellery and has a strong franchise in India, US, UK and the Middle East. Sabyasachi is becoming the first voice of global luxury out of India.
Commenting on the partnership with the ace designer, Ashish Dikshit, Managing Director, ABFRL states: “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 Mukherjee 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.”
The proposed acquisition will go through statutory sanctions and approvals and will be put up for signatures for final agreements.
Photo courtesy: www.nextbigbrand.com
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