According to a BSE regulatory filing, the Indian business of Forever 21, a US fashion brand, has been acquired by Aditya Birla Fashion and Retail Limited (ABFRL) for more than Rs 175 crore.
ABFRL has also been appointed as the exclusive franchisee for the Forever 21 brand in India and will operate Forever 21 retail outlets and also carry out online retailing in the country.
For its Indian operations, Forever 21 earlier had a franchisee agreement with Diana Retail, promoted by DLF Brands and operates 12 brick and mortar stores in the country.
Diana Retail reported a turnover of Rs 213 crore in fiscal 2014-15, double over fiscal 2013-14 and Rs 262 crore in fiscal 2015-16.
In the filing, ABFRL said that Forever 21 will be a part of the Madura Fashion and Lifestyle Division of the company.
Forever 21, is a fashion brand targeted at teens and young adults and mainly deals in fashion clothing and garment accessories. (AR)
Fibre2fashion News Desk - India