The Business Bytes
TBB BUREAU
BHUBANESWAR, FEB 24, 2021
India’s leading fashion company, Aditya Birla Fashion and Retail Limited (ABFRL) on Wednesday said it will set up a new entity in partnership with ace designer Tarun Tahiliani that will retail contemporary ethnic wear for men. The new brand will operate in the premium occasion wear segment; and offer the entire range of high quality, sophisticated celebration wear for men at accessible price points.
As part of the partnership, ABFRL will hold 80 percent stake in the new entity while Tarun Tahiliani will hold the remaining 20 percent.
The new brand aims to build a Rs 500 crore business in the next 5 years with more than 250 stores across the country. It will launch the first set of retail stores by September this year, ABFRL said in a statement.
Commenting on the partnership, ABFRL Managing Director Ashish Dikshit said: “We believe that over the next few years, ethnic wear is going to be an important category as confident Indians rediscover their culture and heritage. Tarun Tahiliani has been at the forefront of the emergence of the Indian design industry. We are proud to partner with him to launch a new brand that gives the emerging Indian consumer a new range of celebration wear reflecting the unmatched, exquisite design excellence at more accessible prices.”
“The ethnic wear segment is a large and growing market with a significant opportunity to build scale. The combined expertise of Tarun Tahiliani and ABFRL will enable the new brand to make a strong impact in the market. The existing couture brand will continue to benefit from the fast-growing luxury segment of the market. This partnership is in line with our stated strategy to craft a portfolio of brands that address the entire gamut of ethnic wear segments: value, premium and luxury,” he added.
Tarun Tahiliani Brand Founder & CEO Tarun Tahiliani said, “Last year, we celebrated 25 years of the Tarun Tahiliani label. The next big leap for the brand was to take our craftsmanship and expertise to a larger Indian market that knows and values quality. I was clear that we needed a partner who could just not help us with this scale, but also have the same dedication to quality and the customer. And that could only have been the Aditya Birla Group. Over the years, I have admired what Mr Kumar Mangalam Birla has built and created for the Aditya Birla Group, specifically his landmark excellence in building fashion retail in India. I am excited and looking forward to this unique opportunity of taking our signature India Modern aesthetic to a broader consumer base across the country.”
