Adds background, particulars on deal
BENGALURU, Jan 14 (Reuters) – India’s Aditya Birla Vogue and Retail (ABFRL) ADIA.NS mentioned on Friday it could purchase a 51% stake in Home of Masaba Way of life for about 900 million rupees ($12.14 million), because it seeks to strengthen its presence within the quick rising section.
High Indian retailers ABFRL and billionaire Mukesh Ambani-owned Reliance Industries Ltd’s RELI.NS retail unit have gone on a buying spree for premium manufacturers over the previous yr as they compete for a stronger foothold within the vogue house.
ABFRL picked up a 51% stake in luxurious marriage ceremony put on model Sabyasachi in January final yr, whereas Reliance Retail purchased 52% of designer label Ritu Kumar in October.
Based by Masaba Gupta in 2009, Home of Masaba Way of life sells underneath the model title Masaba and affords a wide selection of merchandise starting from cosmetics to garments. A few of Masaba’s outfits are priced as excessive as 90,000 rupees, in accordance with her web site.
ABFRL and Home of Masaba Way of life have entered a binding time period sheet settlement, marking the Aditya Birla Group firm’s entry into the wonder & private care market in India, ABFRL mentioned.
Home of Masaba Way of life is focusing on annual revenues of round 5 billion rupees within the subsequent 5 years and might be scaled predominantly by means of on-line platform, ABFRL mentioned.
($1 = 74.1100 Indian rupees)
(Reporting by Chandini Monnappa in Bengaluru; Enhancing by Sherry Jacob-Phillips and Subhranshu Sahu)
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