Aditya Birla Fashion and Retail’s wholly owned subsidiary -- Aditya Birla Digital Fashion Ventures (ABDFVL) has entered into Shareholders Agreement (SHA) and Share Subscription Agreement (SSA) for acquisition of 51% stake of Styleverse Lifestyle (SLPL) on a fully diluted basis. The said transaction is subject to customary closing conditions under the SHA and SSA.
The cost of the acquisition is around Rs 155 crore (including primary and secondary infusion) subject to valuation adjustments on account of due diligence and true up adjustments basis post-closing verifications. SLPL is engaged in manufacturing and retailing of apparels under the brands The Indian Garage Co., Freehand and Hardsoda.
Aditya Birla Fashion and Retail is engaged in providing branded fashion apparels and accessories, and the retail sale of clothing, footwear and leather articles in stores. It operates through two segments: Madura Fashion & Lifestyle, and Pantaloons. The company's brands include Louis Philippe, Van Heusen, Allen Solly and Peter England.
