Aditya Birla Fashion surges on partnering with India's ace designer Tarun Tahiliani
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Aditya Birla Fashion and Retail is currently trading at Rs. 174.40, up by 6.15 points or 3.66% from its previous closing of Rs. 168.25 on the BSE.
The scrip opened at Rs. 169.00 and has touched a high and low of Rs. 177.90 and Rs. 169.00 respectively. So far 279089 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 285.30 on 24-Feb-2020 and a 52 week low of Rs. 97.05 on 06-May-2020.
Last one week high and low of the scrip stood at Rs. 169.80 and Rs. 161.10 respectively. The current market cap of the company is Rs. 16440.92 crore.
The promoters holding in the company stood at 59.76%, while Institutions and Non-Institutions held 28.60% and 11.64% respectively.
Aditya Birla Fashion and Retail (ABFRL) has entered into a strategic partnership with India's ace 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. The brand will launch the first set of retail stores by September 2021. ABFRL will hold 80% stake in the new entity while Tarun Tahiliani will hold the remaining 20%.
As part of the deal, ABFRL will also acquire 33% stake in the existing Luxury Couture business of Tarun Tahiliani, with the option to increase it to 51% in the next few years.
Aditya Birla Fashion and Retail is engaged in providing branded fashion apparels and accessories, and the retail sale of clothing, footwear and leather articles in stores. It operates through two segments: Madura Fashion & Lifestyle, and Pantaloons. The company's brands include Louis Philippe, Van Heusen, Allen Solly and Peter England.
