Aditya Birla Trend to purchase 51% stake in Home of Masaba, Retail Information, ET Retail

Aditya Birla Fashion to buy 51% stake in House of MasabaAditya Birla Trend and Retail (ABFRL) mentioned on Friday it will purchase a 51% stake in Home of Masaba Life-style for about Rs 90 crore ($12.14 million), because it seeks to strengthen its presence within the quick rising phase.

Prime Indian retailers ABFRL and billionaire Mukesh Ambani-owned Reliance Industries Ltd’s retail unit have gone on a buying spree for premium manufacturers over the previous 12 months as they compete for a stronger foothold within the trend area.

ABFRL picked up a 51% stake in luxurious wedding ceremony put on model Sabyasachi in January final 12 months, whereas Reliance Retail purchased 52% of designer label Ritu Kumar in October.

Based by Masaba Gupta in 2009, Home of Masaba Life-style sells below the model title Masaba and presents a wide selection of merchandise starting from cosmetics to garments. A few of Masaba’s outfits are priced as excessive as 90,000 rupees, in response to her web site.

ABFRL and Home of Masaba Life-style have entered a binding time period sheet settlement, marking the Aditya Birla Group firm’s entry into the wonder & private care market in India, ABFRL mentioned.

Home of Masaba Life-style is concentrating on annual revenues of round Rs 500 crore within the subsequent 5 years and shall be scaled predominantly via on-line platform, ABFRL mentioned.

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