The all cash deal is expected to be completed in 30-45 days, the company said in a statement. Established in 1990, the brand straddles categories such as apparel, accessories and jewelry and has a strong franchise in India, US, UK and the Middle East with annual revenues of Rs 274 crore.
“We believe that over the next few years, ethnic wear is going to be an increasingly important category as young and confident Indians rediscover their culture and heritage. The Sabyasachi brand, through its emphasis on excellence in design and craftsmanship has set new benchmarks and captivated the imagination of the sophisticated global Indian consumer,” Ashish Dikshit, Managing Director, ABFRL said.
ABFRL has a network of more than 3025 stores for brands including Louis Philippe, Van Heusen, Allen Solly and Peter England. Sabyasachi who has dressed celebrities including Deepika Padukone, Nita Ambani and Oprah Winfrey among others, sells products for upwards Rs2 lakh on an average.
“Over the course of the last couple of years, as my brand evolved and matured, I began searching for the right partner in order to ensure continuity and long-term sustainable growth. Aligned in our vision, and committed to excellence, we will work together to grow a truly global luxury brand out of India,” Sabyasachi Mukherjee, CEO and Founder, Sabyasachi Brand, said.
Indian wear, initially largely restricted to older age groups, is now finding acceptance among younger consumers as well, with players such as Manyavar and FabIndia driving the market, especially at the mass-premium end, while designer labels cater to the high-end bespoke segment.
Two years ago, ABFRL had bought Finesse International Design, which sells bespoke apparel retail brand Shantanu & Nikhil, for Rs 60 crore. It had also acquired artisanal e-tailer Jaypore.com for Rs 110 crore to enter a largely unorganised market of traditional and ethnic products.