Sabyasachi sells 51% stake to Aditya Birla Fashion
Aditya Birla Fashion Acquires 51 percent stake In Indian Luxury Label Sabyasachi Couture
Sabyasachi Mukherjee’s brand, Sabyasachi, is a household name. It is also known for luxurious bridal wear that has become a must among the new generation. The luxury brand not only sells apparel but also accessories and jewellery. It has stores in India, the U.S., the U.K. and the Middle East. Sabyasachi is now all set to sell 51% of his Indian Luxury label Sabyasachi to Aditya Birla Fashion for Rs 398 Crore.
The Aditya Birla Fashion brand already has popular brands like Van Heusen, Allen Solly, Louis Philippe and Peter England under its name. It is now eyeing the ethnic wear section of the market.
In a statement, Sabyasachi Mukherjee, the Founder and CEO of Sabyasachi said that he was excited to have found a partner in ABFRL and Kumar Mangalam Birla. “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,” said Sabyasachi.
He further added, “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.”
Aditya Birla Fashion and Retail in a statement has said that the acquisition will help the company expand its growing ethnic wear portfolio with the aim of establishing Sabyasachi as a global luxury house beyond India. Over the next few years, the company intends to create a portfolio that addresses ethnic wear segments.