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The Indian company will take a 51 percent stake in the local fashion group in a deal valued at 1650 crore rupees (about $202 million).
TCNS Clothing’s portfolio of traditional Indian brands includes W, Aurelia, Wishful, Folksong and Elleven. As of March 31, the company sold its products through more than 650 exclusive brand outlets, 2300 large format stores and 1100 multi-brand outlets in its home market.
Chairman of Aditya Birla Fashion and Retail Limited (ABFRL) parent company Aditya Birla Group, Kumar Mangalam Birla, said the deal complements the company’s existing portfolio of brands across the entire spectrum of Indian fashion. “With this acquisition, the fast-growing ABFRL platform is poised for the next phase of transformational growth,” Birla added.
Previously, ABFRL has acquired or invested in Indian designer brands including Tarun Tahiliani, Sabyasachi, Shantanu & Nikhil and House of Masaba.
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