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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
| On 19th Sep 2020
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