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Aditya Birla Fashion and Retail Ltd (ABFRL) has announced a strategic partnership with India's largest designer brand Sabyasachi by signing a definitive agreement for acquiring 51 per cent stake in Sabyasachi brand.Sabyasachi is India's largest and most influential luxury designer brand with strong Indian roots and global appeal. The brand straddles categories like apparel, accessories and jewellery and has a strong franchise in India, the United States, the United Kingdom and the Middle East."The ABFRL platform will complement brand Sabyasachi on its journey to becoming a global luxury house out of India," the company said in a statement. This partnership will add significant weight to ABFRL's growing ethnic wear portfolio."This will accelerate the company's strategy to capture a large share of ethnic wear market through a comprehensive and attractive portfolio of brands, across key consumer segments, usage occasions and geographies."The company expects to build a large ethnic wear business over next few years to complement its strong and diverse portfolio in western wear segment of the Indian apparel market.ABFRL Managing Director Ashish Dikshit said ethnic wear is going to be an increasingly important category as young and confident Indians rediscover their culture and heritage."We see a 'Made in India' global brand like Sabyasachi occupying the pinnacle of our ethnic wear portfolio. Over the next few years, ABFRL intends to craft a portfolio that addresses the entire gamut of ethnic wear segments: value, premium and luxury," he said.EY, PWC and Shardul Amarchand Mangaldas and Company were the transaction advisors for Sabyasachi. ABFRL was advised by KPMG, Khaitan and Company and Transaction Square LLP.With revenue of Rs 8,788 crore, ABFRL has a network of 3,025 stores across 26,000 multi-brand outlets with 6,500-plus point of sales in department stores across India.( With inputs from ANI )Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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