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ABFRL acquires 51 % stake in Finesse International Design

ABFRL manages 2700 stores for brands like Van Heusen, Allen Solly etc.

New Delhi, July 16 (UITV): Aditya Birla Fashion and Retail Limited (ABFRL) has received 51 per cent stake in Finesse International Design, that runs indicate apparel retail brand Shantanu & Nikhil, for Rs 60 crore.

Established in 2007, Finesse manages five stores selling ethnic clothing, footwear and accessories, with annual sales of Rs 35 crore. The accession is through union of central equity infusion and secondary share purchase, the company said in a statement.

                                                 Apparel retail brand Shantanu & Nikhil

“Indian consumers are progressively seeking modern India encouraged designer wear in their wardrobes which incorporates the best of modern fashion with Indian ethinicity and traditions," said Ashish Dikshit, managing director, ABFRL that has a web of over 2,700 stores for brands such as Louis Philippe, Van Heusen, Allen Solly and Peter England.

Indian clothing, initially largely confined to the past age segment, are now finding approval among younger consumers as well, with contenders such as Manyavar and FabIndia driving the market especially at the mass-premium end while designer labels serve to the elegant expensive demonstrated segment.

Last month, ABFRL acquired Jaypore.com, an craftsmanship oriented e-tailer for Rs 110 crore as the group entered a mainly unstructured market of traditional and ethnic products.