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Flipkart Group, ABFRL enter into strategic partnership

23
Oct '20
Pic: Shutterstock
Pic: Shutterstock
The Flipkart Group and Aditya Birla Fashion and Retail Limited (ABFRL) have today announced a new strategic partnership aimed at enhancing the consumer fashion experience. Through an investment of ₹1,500 crore, Flipkart Investments will acquire a ~7.8 per cent stake in ABFRL, as the companies partner to leverage synergies in the fashion segment.

ABFRL said it will use the capital to strengthen its balance sheet and propel its growth ambition with renewed vigour. The company plans to scale-up its play in emerging high-growth fashion categories viz. innerwear/athleisure, casual wear and ethnic wear, establishing these as the new engines of growth for the company. Furthermore, ABFRL will accelerate the execution of its largescale digital transformation strategy that will deepen its consumer connect and augment its backend capabilities; positioning it amongst the most comprehensive omni-channel fashion players in the country.

On the other hand, the Flipkart Group, through the partnership, will strengthen the range of brands offered on its e-commerce platforms Flipkart and Myntra, deepening its relationship with ABFRL, and enhancing the range of premium international and Indian brands on offer. Flipkart’s technology prowess will enhance ABFRL’s omni-channel capabilities, enriching customer experiences while continuing to provide access to premium loyalty programmes and affordability constructs for which Flipkart is known.

“At the Flipkart Group, we are focused on building new partnerships that will help us meet the demands of the discerning Indian consumer who seek quality and value. Through this partnership with ABFRL, we will work towards making available a wide range of products for fashion-conscious consumers across different retail formats across the country. We look forward to working with ABFRL and its well established and comprehensive fashion and retail infrastructure as we address the promising opportunity of the apparel industry in India,” said Flipkart Group CEO Kalyan Krishnamurthy

“We look forward to this partnership with Flipkart Group, and our collective journey to delight customers of a young and aspirational India. Given the complementary strengths of ABFRL and Flipkart Group, this partnership has the potential to dramatically accelerate the growth of the apparel industry in India and reshape apparel commerce. This deal also provides a tremendous opportunity to build scale of existing brands and expand its brand portfolio into emerging consumer segments,” said ABFRL MD Ashish Dikshit.

ABFRL is India’s largest pure-play fashion and lifestyle company with a strong bouquet of leading fashion brands and retail formats, while the Flipkart Group is one of India's leading digital commerce entities and includes group companies Flipkart, Myntra, and PhonePe.

Fibre2Fashion News Desk (RKS)


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