Aditya Birla Fashion and Retail Ltd (ABFRL) on Wednesday signed a definitive agreement to acquire 51% stake in Indian luxury designer label Sabyasachi , a brand owned by Sabyasachi Mukherjee, the Mumbai-based retailer said. The Sabyasachi brand has strong Indian roots and global appeal, ABFRL said. The ABFRL platform will complement brand Sabyasachi on its journey to becoming a global luxury house out of India, it said. Sabyasachi will be ABFRL’s third investment in an Indian ethnic wear brand since mid-2019. The stake in Sabyasachi will add weight to ABFRL’s growing ethnic wear portfolio.

Source: Mint January 27, 2021 15:03 UTC