Aditya Birla Fashion and Retail Ltd. has entered into a strategic partnership with renowned fashion designer Tarun Tahiliani to create a new entity that will launch a contemporary men's ethnic wear brand.
In a regulatory filing, the company stated that the new brand will operate in the premium occasion wear segment and has plans to launch retail stores by September this year.
20% stakes in the new entity will be held by Tarun Tahiliani while 80% by ABFRL. Aditya Birla Fashion and Retail Ltd. will even acquire a 33% stake in Tarun Tahiliani's existing luxury couture business.
Just last month, Indian luxury designer Sabyasachi sold 51% stake of its Couture division to Aditya Birla Fashion and Retail Ltd.