Aditya Birla Fashion buys 51% stake in luxury designer label Sabyasachi
The Mumbai-based retailer seeks to build a strong ethnic wear portfolio over the next few years
Legendary fashion designer Sabyasachi Mukherjee has sold 51% stake of his label, Sabyasachi, to Mumbai-based retailer Aditya Birla Fashion and Retail Limited (ABFRL) for an undisclosed amount.
The namesake label of designer Sabyasachi Mukherjee has been a leading retailer and couturier in Indian fashion since 1999 with a strong presence across the country and internationally. From humble beginnings in Kolkata, designer Sabyasachi Mukherjee has grown his brand from strength to strength, being the proud owner of what can only be called as India's first 'Luxury Fashion House' in the real sense of the term.
On Wednesday, 27th January, ABFRL announced that its platform will complement brand Sabyasachi on its journey to becoming a global luxury house out of India. This aim is to build a large ethnic wear business over next few years to complement its strong and diverse portfolio in western wear segment of the Indian apparel market. ABFRL is part of a leading Indian conglomerate, The Aditya Birla Group, with a revenue of Rs. 8,788 Cr in FY19-20, it is India's first billion-dollar pure-play fashion powerhouse with an elegant bouquet of leading fashion brands and retail formats.
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 has always been ahead of the curve, and from the very beginning has strived to create a brand which in addition to the creative side of fashion, focused on the business of fashion. Sabyasachi has emerged as one of the most influential cultural voices in the country - shaping modern fashion and lifestyle while celebrating artisanal craftsmanship and traditional techniques in each and every product.
The brand straddles categories such as apparel, accessories and jewelry and has a strong franchise in India, US, UK and the Middle East. Today, with solid footing in the domestic retail landscape, several major global collaborations, and international flagships opening soon, Sabyasachi continues steadfastly on its path to becoming the first voice of global luxury out of India.
Commenting on the partnership with the ace designer, Ashish Dikshit, Managing Director, ABFRL adds: "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 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 is subject to necessary statutory approvals and signing of definitive agreements. One can only wait and watch this unique story of Indian excellence unfold in the months to come.
Edited from an IANS report.