Biba Apparels acquires 26.66 percent stake in Anjuman

Ethnic wear brand Biba Apparels has acquired a 26.66 per cent stake in Anjuman Brand Designs, which sells garments under the brand name Anju Modi, at an undisclosed price. Khaitan & Co acted as deal advisor for Anjuman Brand Designs.

Anju Modi, a fashion & costume designer, retails her collections through a flagship store at DLF Emporio, New Delhi and standalone store The Crescent at the Qutub, New Delhi as well as several multi-brand stores. On the other hand, founded by Meena Bindra in 1986, Biba Apparels owns over 100 standalone stores in the country. The brand is also available at multi-brand retail stores. Now the company is looking forward to expand its distribution network and strengthening presence in the higher-end fashion category through new product launches and partnerships with known designers, apart from launching a value brand to create presence in the lower price segment.

Biba is also sold on e-commerce platforms like Jabong, Flipkart and Myntra. In November 2013, Kishore Biyani-led Future Lifestyle Fashion divested its stakes in Biba. The company had first acquired a 6.5 percent stake in the brand in 2007, which it gradually increased to 25.8 percent in 2011.