Aditya Birla Fashion and Retail (ABFRL) has signed a definitive agreement to acquire 51% stake in Sabyasachi, the largest designer brand in India.
The Aditya Birla firm stated in response to the development that the company seeks to acquire a large share of the ethnic wear market. “Sabyasachi is India’s largest and most influential luxury designer brand with strong Indian roots and global appeal. The brand straddles categories such as apparel, accessories and jewellery and has a strong presence in India, US, UK and Middle East,” the firm was quoted as saying.
CEO and Founder Sabyasachi Mukherjee of the Sabyasachi brand said, “I am honoured and excited to have found that partner in Kumar Mangalam Birla and ABFRL. We will work together to grow a truly global luxury brand out of India.”
