Aditya Birla Fashion and Retail Ltd. (ABFRL), a fashion retail store, announced that the company will acquire branded ethnic apparel and lifestyle retailer Jaypore for 110 crore rupees ($16 million).
The proposed addition of Jaypore will enable ABFRL, owned by the Aditya Birla Group, to strengthen its position in the branded fashion space.
The transaction is subject to receipt of necessary statutory approvals, if any and customary closing conditions, which are expected to close in 30 to 45 days.
On completion of the deal, expected to help ABFRL to tap into the fast-growing ethnic apparel market, ABFRL will further build on Jaypore’s offline stores to make it a significant part of its portfolio.