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Aditya Birla Fashion acquires TG Apparel & Decor

11
Jun '19
Pic: Joy Deb from Pexels
Pic: Joy Deb from Pexels
The board of directors of Aditya Birla Fashion and Retail Limited (ABFRL) has approved entering into a Share Purchase Agreement with the existing shareholders of TG Apparel & Decor Private Limited, to buy 100 per cent shares. TG Apparel is a B2C entity which retails ethnic fashion, both online and offline. Its revenue in fiscal 2018-19 stood at ₹33.7 crore.

ABFRL’s decision to acquire TG Apparel is subject to receipt of necessary statutory approvals, if any and customary closing conditions, which are expected to get completed in 30-45 days.

The acquisition of TG Apparel, along with the recently announced buying of Jaypore, will strengthen ABFRL’s presence in ethnic apparel and accessories.

Incorporated in 2015, TG Apparel’s revenue was ₹33.8 crore in fiscal 2016-17 and ₹35.8 crore in 2017-18.

A part of $44.3 billion Aditya Birla Group, ABFRL is India’s first billion-dollar pure-play fashion powerhouse with an elegant bouquet of leading fashion brands and retail formats. As on March 31, 2019, the company had a strong network of 2,714 brand stores across 750 cities in the country. It is present across 18000+ multi-brand outlets and 5000+ point of sales in department stores across India. It has a repertoire of leading brands such as Louis Philippe, Van Heusen, Allen Solly and Peter England established for over 25 years. (RKS)

Fibre2Fashion News Desk – India


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