New Delhi: Aditya Birla Fashion and Retail (ABFRL) on Tuesday said it will acquire global clothing brand 'Forever 21' in the Indian market for $26 million (around Rs 175.52 crore).
"The company has today executed a business transfer agreement with Diana Retail and DLF Brands for acquisition of the business undertaking of Diana Retail... under the Forever 21 brand and also through e-commerce channel on a going concern basis, in the Indian market," ABFRL said in a BSE filing.
Diana Retail is the franchisee of Forever 21 brand in India.
Giving details of the transaction, the company said: "The transaction involved acquisition of the Forever 21 Undertaking of Diana Retail with effect from July 1 through a business transfer agreement not share transfer. The consideration for acquisition is $26 million".
In May this year, Aditya Birla Fashion and Retail (ABFRL) announced that it will enter into a binding MoU with Forever 21 to acquire its online and offline rights for the Indian market.
Forever 21 is among the fastest growing fashion retailers in the world with a network of more than 700 stores worldwide.
Its India operations reported a turnover of Rs 262 crore in 2015-16.
ABFRL was formed after the consolidation of the branded apparel businesses of Aditya Birla Group, comprising Aditya Birla Nuvo, Madura Fashion division and ABNLs subsidiaries -- Pantaloons Fashion and Retail Ltd and Madura Garments Lifestyle Retail Company Ltd -- in May 2015.
Post consolidation, PFRL was renamed as Aditya Birla Fashion and Retail, with over 7,000 points of sale in over 375 cities and towns.
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