BIBA, the ethnic apparel retailer, forms a joint venture with fashion designer Manish Arora to promote his premium ethnic wear brand, ‘INDIAN by Manish Arora’. Under the JV, BIBA has picked up majority stake, 51:49, making its foray in the bridal and luxury ethnic wear category.
IMA, launched in 2009, offers outfits such as salwar kameez, kurtis, tunics, t-shirts, sarees, lehengas among others, priced from Rs . The company now plans to have a pan-India presence while exploiting BIBA’s strong retail expertise, production capabilities, robust supply linkages and well established network. To start with, the company plans to open up exclusive brand outlets in major metros; and also be available at prominent BIBA stores and other major Multi Brand Outlets (MBOs).
Commenting on the association, Manish Arora said, “Biba being the largest retailer of women ethnic wear is a perfect partner for us to grow our Indian by Manish Arora brand.”
“We have been contemplating to enter the bridal & luxury wear segment for a while now, and with Manish, not only we have the best possible partner but feel it is the right time for us to enter this segment,” said Siddharth Bindra, Managing Director, Biba Apparels Pvt Ltd.
The JV was advised solely by Maple Capital Advisors.