ABFRL partners Tarun Tahiliani for men's premium ethnicwear

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 ₹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 ’21.

As part of the deal, ABFRL will also acquire 33 per cent stake in the existing Luxury Couture business of Tarun Tahiliani, with the option to increase it to 51 per cent in the next few years.

"We believe that over the next few years, ethnicwear 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," ABFRL managing director Ashish Dikshit said.

"The ethnicwear 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,” Dikshit added.

"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 and offer it to a larger Indian market that knows and values quality and is actively seeking it. I was clear that we needed a partner who could not just 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 Kumar Mangalam Birla has built and created for the Aditya Birla Group, specifically his landmark excellence in building fashion retail in India," said Tarun Tahiliani, founder & CEO, Tarun Tahiliani brand.

"I am excited and look forward to this unique opportunity of taking our signature India Modern aesthetic to a broader consumer base across the country. The Tarun Tahiliani brand will continue to be the studio doing couture and occasion wear, building on its experience and success," he added.

Fibre2Fashion News Desk (RKS)