Indian fashion giant, Aditya Birla Fashion and Retail Limited (ABFRL), has secured US$282.8 million of investment from Singapore’s sovereign wealth fund GIC.
GIC will own a 7.5 per cent equity stake in ABFRL once the investment is completed.
“In the last few years, ABFRL has built a strong presence across all large and attractive segments of the Indian fashion market through organic and inorganic actions,” said Ashish Dikshit, MD of ABFRL.
According to Dikshit, the capital infusion will allow the company to accelerate the growth of this platform of strong brands and well-established retail formats in the fast-growing branded apparel market.
“An investment of this nature serves to underscore ABFRL’s strong position and dynamic growth model,” said Kumar Mangalam Birla, chairman of Aditya Birla Group.
ABFRL has been expanding its influence in the Indian fashion market, especially in the branded ethnic wear segment, through a series of acquisitions in last few years, including Jaypore, House of Masaba, Sabyasachi and Tarun Tahiliani. The brand recently formed an exclusive partnership with Reebok sell its products across India and other Southeast Asian countries.
As of March 31, ABFRL had a network of 3468 exclusive stores, 6515 points of sale in department stores and 28,585 multi-brand outlets across its home market.