Luxury designer brand Sabyasachi owned by businessman Sabyasachi Mukherjee sold 51% of their share to Mumbai-based retailer- Aditya Birla Fashion on wednesday. Aditya Birla will saturate ₹398 crores in this new deal. This is the third lump sum investment made by Aditya Birla fashion since 2019 and is targeting the rise in ethnic wear popularity among Indian citizens. On the other hand, Sabyasachi Couture is a global venture having its retail stores in India, UK, US, and the Middle East.
Talking to Sabyasachi Ashish Dikshit, MD Adithya Birla Fashion said that,“Sabyasachi has set new benchmarks when it comes to ‘design and craftsmanship’ and has managed to ‘captivate the imagination of the sophisticated global Indian consumer.”
Sabyasachi said that, “Honored and excited’ to have found the ‘right partner’ in Mr. Kumar Mangalam Birla and ABFRL”. And believes that this venture can develop a “truly global luxury brand out of India”.