Aditya Birla Fashion buys stake in Styleverse Lifestyle
24 October 2023, Mumbai
As per latest report of MoneyControl.com l
Aditya Birla Fashion and Retail (ABFRL) stock fell by 2 percent on October 23, following the announcement of its subsidiary, Aditya Birla Digital Fashion Ventures, buying a 51 percent stake in Styleverse Lifestyle for Rs 155 crore. ABFRL stock was at Rs 225.05 on the NSE at 10:40 am, showing a 1.9 percent dip in a dull domestic market.
Nuances
Styleverse Lifestyle is mainly engaged in making and selling clothing under various brands, such as The Indian Garage Co, Freehand, and Hardsoda. ABFRL said, “The business used to operate as a partnership firm under The Indian Garage Co and was moved to SLPL through a Business Transfer Arrangement.”
The acquisition is seen as a part of ABFRL's strategy to expand its digital presence and reach out to a younger customer base. Styleverse Lifestyle has a strong online presence and a loyal customer base.
The acquisition is expected to help ABFRL strengthen its position in the online fashion market.
