ABFRL acquires majority stake in House of Masaba
Aditya Birla Fashion and Retail Limited (ABFRL) has announced a strategic partnership with India’s leading designer Masaba Gupta.
The partnership will see ABFRL acquiring a 51 percent stake in the brand House of Masaba and aims to an affordable luxury segment in the fashion, beauty and accessory categories.
The company is targeting annual revenue of Rs 500 crore ($67.5 million) from the brand ‘Masaba’ over the next five years. The partnership will also see ABFRL enter the lucrative beauty & personal care market in India.
Commenting on the partnership, Ashish Dikshit, managing director at ABFRL in a statement said, “Masaba is a young, effervescent brand with a refreshing and innovative take on every lifestyle category. This partnership is also an important step in building presence in the fast-growing beauty and personal care segment. This fits in well with our overall strategy to partner India’s top most designers to build a portfolio of distinctive and aspirational home-grown brands across fashion and lifestyle categories.”
Masaba Gupta, founder of House of Masaba added, “As a young, homegrown brand, I am delighted to partner with ABRFL to further solidify the House of Masaba into a 360-degree, global lifestyle brand of the future. The House of Masaba already has established a strong foothold among the youth with a robust digital-first strategy and the tie-up with ABRFL will strengthen this position, making the brand future ready.”
The proposed acquisition of House of Masaba by ABFRL is subject to signing of definitive agreements and statutory approvals.
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