Aditya Birla Fashion and Retail (ABFRL) rose 3.77% to Rs 174.6 after the company announced a strategic partnership with Indian designer Tarun Tahiliani to form a new entity that will soon launch a contemporary men's ethnic wear brand.The new brand will operate in the premium occasion wear segment and will offer the entire range of high quality, sophisticated celebration wear for men at accessible price points. The new brand aims to build a Rs 500 crore business in the next 5 years with more than 250 stores across the country.
ABFRL will hold 80% stake in the new entity while Tarun Tahiliani will hold the remaining 20%. The brand will launch the first set of retail stores by September 2021.