Aditya Birla Fashion and Retail Limited (ABFRL) has acquired 51% stake in Finesse International Design, which runs bespoke apparel retail brand Shantanu & Nikhil, for Rs 60 crore. This development comes a month after ABFRL acquired Jaypore, the ethnic apparel and lifestyle retailer, for Rs 110 crore.
With the latest acquisition, ABFRL will expand its presence in the branded ethnic apparel and accessories market covering both bespoke ceremonial wear and prêt lines.
Finesse was established in 2007. It runs five stores that sell ethnic apparel, footwear and accessories, with annual sales of Rs 35 crore.
Ashish Dikshit, Managing Director, ABFRL, said, “Indian consumers are increasingly seeking contemporary India inspired designer wear in their wardrobes which combine the best of modern fashion with Indian traditions.”
ABFRL has a network of more than 2,700 stores for brands like Louis Philippe, Van Heusen, Allen Solly and Peter England.