Aditya Birla Fashion and Retail (ABFRL), a part of $44.3 billion Aditya Birla Group, has acquired online-offline retailer Jaypore. With this acquisition, ABFRL has forayed into the branded ethnic market.
Jaypore provides curated collections of handmade, handwoven and handcrafted apparel, jewellery, home textiles and accents, traditional and contemporary art and more from all over India.
ABFRL’s Board of Directors has approved the signing of Share Purchase agreement to buy Jaypore. The business comprises online and offline operations.
Ashish Dikshit, Managing Director, ABFRL, said, “Ethnic wear is the largest segment in the Indian fashion apparel market. While ABFRL has built a diversified portfolio of brands across different segments, ethnic wear space is currently under-represented in our bouquet of offerings to consumers. The proposed acquisition is, therefore, a great strategic addition to our portfolio and gives us a strong footing in a segment that is growing in double digits.”
“Jaypore is a brand with strong equity and with a differentiated offering of products based on Indian crafts. It provides a great platform for us to build a strong presence in the Ethnic segment and in accessories and home segment. This acquisition will further strengthen the leadership position of ABFRL in the branded fashion space,” he further added.