ABFRL to acquire 51% stake in retail firm of designer Shantanu & Nikhil

Finesse International Design is primarily engaged in the business of bespoke occasion and ceremonial contemporary apparel for men and women under the brand name ‘Shantanu & Nikhil’.

India’s leading fashion company, Aditya Birla Fashion and Retail Limited (ABFRL) has on Monday announced a partnership with India’s leading designers Shantanu & Nikhil with the acquisition of 51% stake in Finesse International Design Private Limited (“Finesse”).

Finesse International Design is primarily engaged in the business of bespoke occasion and ceremonial contemporary apparel for men and women under the brand name ‘Shantanu & Nikhil’.

“The ABFRL Acquisition Committee of the Board of Directors of ABFRL today approved acquisition of 51% equity stake of Finesse through combination of primary equity infusion and secondary share purchase by way of signing of Share Subscription and Purchase Agreement and Shareholders’ Agreement with Finesse and its shareholders. The completion of proposed acquisition is subject to necessary approvals and customary closing conditions,” the company said in a statement.

Commenting on the transaction, Ashish Dikshit, Managing Director, ABFRL said, “Indian ethnic wear is a large segment in Indian fashion market and we have identified it as an important growth opportunity for ABFRL. This partnership will further deepen our presence in this important & fast growing segment and strengthen our leadership position in the overall branded apparel market.”

“This is the beginning of a new era in affordable luxury. Shantanu & Nikhil along with ABFRL embarks on a pathbreaking new journey of retail in India. It will be another creative chapter in our lives where the dreams of every Indian wearing a Shantanu & Nikhil will now come true. A strategic joint venture of this sort is perhaps only the first of its kind where fashion meets business and one that will redefine the Indian fashion landscape. With this unique collaboration, India shall now be the new playground for accessible designer wear in its truest form” said Shantanu Mehra & Nikhil Mehra.