ABFRL to acquire stake in designer Shantanu & Nikhil’s firm

Aditya Birla Fashion and Retail )ABFRL) is all set to acquire 51 percent stake in fashion designer duo Shantanu & Nikhil's apparel firm Finesse International Design. Finesse International Design is primarily engaged in the business of bespoke occasion and ceremonial contemporary apparel for men and women under the brand name 'Shantanu & Nikhil'. The acquisition will be executed through a combination of primary equity infusion and secondary share purchase by way of signing of share subscription and purchase agreement and shareholders' agreement with Finesse and its shareholders.

The cost of acquisition subject to closing adjustments is Rs 60 crore including towards the subscription amount to be infused in Finesse. This partnership will further deepen ABFRL’s presence in this important and fast-growing segment and strengthen our leadership position in the overall branded apparel market.