Established in 2007, Finesse runs five stores selling ethnic apparel, footwear and accessories, with annual sales of Rs35 crore. The acquisition is through combination of primary equity infusion and secondary share purchase, the company said in a statement.
Aditya Birla Fashion and Retail Limited (ABFRL) has acquired 51% stake in Finesse International Design, that runs bespoke apparel retail brand Shantanu& Nikhil, for Rs60 crore. Established in 2007, Finesse runs five stores selling ethnic apparel, footwear and accessories, with annual sales of Rs35 crore. The acquisition is through combination of primary equity infusion and secondary share purchase, the company said in a statement. “Indian consumers are increasingly seeking contemporary India inspired designer wear in their wardrobes which combines the best of modern fashion with Indian traditions,” said Ashish Dikshit, managing director, ABFRL that has a network of over 2,700 stores for brands such as Louis Philippe, Van Heusen, Allen Solly and Peter England.
Indian wear, initially largely restricted to the older age segment, are now finding acceptance among younger consumers as well, with players such as Manyavar and FabIndia driving the market especially at the mass-premium end while designer labels cater to the upmarket high-end bespoke segment. Last month, ABFRL acquired Jaypore.com, an artisanal e-tailer for Rs 110 crore as the group entered a largely unorganised market of traditional and ethnic products.
