Mumbai: Aditya Birla Fashion & Retail has acquired 51 percent stake in ethnic wear brand Finesse International Design promoted by designers Shantanu and Nikhil for Rs 60 crore.
Finesse is primarily engaged in bespoke occasion and ceremonial contemporary apparel for men and women and hawks them under the label of Shantanu & Nikhil.
Ethnic wear is a large segment in the domestic fashion market and we have identified it as an important growth opportunity. With the acquisition of Shantanu & Nikhil we hope to grow our existing couture business apart from launching new pret lines to extend the reach, Birla Fashion managing director Ashish Dikshit said in a statement.
In June, the company had said it would acquire ethnic wear brands Jaypore and TG Apparel & Decor.
Birla Fashion had revenue of Rs 8,118 crore spanning retail space of 7.5 million sqft as of March 2019 and has leading brands such as Louis Philippe, Van Heusen, Allen Solly and Peter England in its portfolio. The company also owns value fashion store brand Pantaloons.
Its international brands portfolio comprises The Collective, Ted Baker, Ralph Lauren, American Eagle and Simon Carter.
The company expects to close the deal over the next one month.
The company shares lost over 1 percent to close at Rs 206.45 on the BSE, while the benchmark gained 0.44 percent.