Aditya Birla Fashion and Retail Limited, announced a strategic partnership with India’s leading designer Masaba Gupta to build a gen-next focused fashion and lifestyle business under the popular and contemporary brand “Masaba” by way of entering into a Binding Term sheet to acquire 51% stake in the entity.
This partnership aims to create a young, aspirational and digital-led portfolio play, across the affordable luxury segment in the fashion, beauty and accessory categories.
Brand “Masaba” will be scaled predominantly through the digital direct to consumer (D2C) channel,leveraging its strong connect with younger and digitally influenced consumers.
The proposed acquisition is subject to signing of definitive agreements, completion of closing conditions precedent to be set out in the definitive agreements and statutory approvals, if any.
The brand will straddle across the entire lifestyle offerings ranging from apparel, accessories, beauty and other lifestyle products.
The brand is targeting to achieve annual revenues of around Rs. 500 Cr in the next 5 years.
This partnership will also mark ABFRL’s entry into the beauty & personal care market in India, which offers tremendous opportunity to build distinctive, scalable home-grown brands.