Further, the company said that Allen Solly Prime targets to open 500 stores in three years.
The company plans to add 250 Pantaloons stores in the next three years across 100 new towns. It is on course to increase share of private labels from 61% in FY20 to 75% in FY25. E-commerce channel scaled up 3x during FY21 and is likely to to contribute 8-10% of sales by FY25.
ABFRL is part of a leading Indian conglomerate, The Aditya Birla Group. It is India s first billion-dollar pure-play fashion powerhouse with an elegant bouquet of leading fashion brands and retail formats.
On a consolidated basis, the company s net profit stood at Rs 58.44 crore in Q3 FY21 as against net loss of Rs 37.64 crore in Q3 FY20. Revenue from operations tumbled 19.61% to Rs 2,076.19 crore in Q3 FY21 from Rs 2,582.74 crore in Q3 FY20.
On 24 February 2021The Board of Aditya Birla Fashion & Retail at its meeting held on 24 February 2021 has noted completion of the closing
conditions under the Framework Agreement and approved acquisition of 51% stake of Sabyasachi
Couture (now Sabyasachi Calcutta LLP).
Consequent to the above investment, the Company will hold 51% stake in Sabyasachi Calcutta LLP entity.
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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.
Read more about ABFRL announces strategic partnership with Sabyasachi on Business Standard. Aditya Birla Fashion and Retail (ABFRL) signed a definitive agreement for acquiring 51% stake in India s largest designer brand, Sabyasachi, for about Rs 398 crore.
Aditya Birla Fashion and Retail (ABFRL) rose 3.83% to Rs 180.10 after the Competition Commission of India (CCI) approved the Flipkart-Aditya Birla Fashion deal.
Competition Commission of India (CCI) on Wednesday (20 January 2021) said it had approved the acquisition of a 7.8% minority stake in Aditya Birla Fashion and Retail by Flipkart Investments.
The deal was announced in October 2020. The board of ABFRL had approved raising Rs 1500 crore through preferential issue of equity shares to Flipkart Group at Rs 205 per share.
With this infusion, Flipkart Group would own 7.8% equity stake in ABFRL on a fully diluted basis. The promoter and promoter group companies of ABFRL will hold about 55.13% upon completion of the issuance.