MUMBAI, JANUARY 14, 2022
One of India’s leading fashion company Aditya Birla Fashion and Retail Ltd (ABFRL) on Friday said it will acquire a 51 per cent majority shareholding in popular and contemporary brand ‘Masaba’ promoted by leading designer Masaba Gupta for a cash consideration of Rs 90 crore.
This partnership aims to create a young, aspirational and digital-led portfolio play, across the affordable luxury segment in the fashion, beauty and accessory categories.
Brand “Masaba” will be scaled predominantly through the digital direct to consumer (D2C) channel, leveraging its strong connect with younger and digitally influenced consumers.
“Brand Masaba will be scaled predominantly through the digital direct-to-consumer (D2C) channel, leveraging its strong connect with younger and digitally influenced consumers,” according to a joint statement.
The brand will straddle across the entire lifestyle offerings ranging from apparel, accessories, beauty and other lifestyle products.
“The brand is targeting to achieve annual revenues of around Rs 500 crore in the next five years,” it said.
ABFRL Managing Director Ashish Dikshit said, “This partnership is also an important step in building a presence in the fast-growing beauty and personal care segment. This fits in well with our overall strategy to partner with India’s top-most designers to build a portfolio of distinctive and aspirational home-grown brands across fashion and lifestyle categories.”
“The House of Masaba already has established a strong foothold among the youth with a robust digital-first strategy and the tie-up with ABRFL will strengthen this position, making the brand future ready. With this partnership, I look forward to creating immersive and collaborative experiences for our target audiences who highly engage in virtual mediums today and are driving the industry’s evolution to the Metaverse,” said Masaba Gupta, Founder, House of Masaba.