Aditya Birla Fashion and Retail (ABFRL) has announced plans to acquire a stake of 51% in Indian designer brand Sabyasachi for INR 3.98 billion ($55 million).

Sabyasachi’s revenues for FY20 was INR 2.74 billion.

The designer brand is owned by Sabyasachi Mukherjee who founded it in 1999. Sabyasachi Mukherjee has designed costumes for various Bollywood movies.

The Sabyasachi brand, which designs apparel, accessories, and jewelry, has stores across Kolkata, Mumbai, New Delhi, and Hyderabad.

Sabyasachi Mukherjee – CEO and Founder of Sabyasachi said: “I am honoured and excited to have found that partner in Kumar Mangalam Birla and ABFRL. Aligned in our vision, and committed to excellence, we will work together to grow a truly global luxury brand out of India.”

According to Aditya Birla Fashion and Retail, its platform will complement the Sabyasachi brand on its path of becoming a global luxury house based in India. Besides, the partnership is expected to add considerable weight to the ethnic wear portfolio of Aditya Birla Fashion and Retail.

Ashish Dikshit – Managing Director of Aditya Birla Fashion and Retail said: “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.”

The proposed deal is subject to the required approvals and also signing of definitive agreements.

  Aditya Birla Fashion and Retail, Ashish Dikshit, India, Kumar Mangalam Birla, Sabyasachi, Sabyasachi Mukherjee