Luxury fashion designer Tarun Tahiliani is joining hands with Aditya Birla Fashion and Retail Limited (ABFRL) to launch a contemporary ethnic menswear brand. As per the announcement made yesterday, ABFRL will hold a dominating 80 per cent stake in the new brand, while Tahiliani will have the remaining 20 per cent share.
This partnership comes just a month after ABFRL, one of the leading lifestyle retailers, signed a definitive agreement to buy 51 per cent stake in designer bridalwear brand Sabyasachi. The company also invested in Jaypore and Shantanu & Nikhil in 2019.
ABFRL and Tahiliani’s menswear line will sell in the premium occasion wear segment. ABFRL plans to open 250 stores of this new entity in the next five years across India and build a Rs500 cr business. By September this year, ABFRL will look at opening the first set of retail stores.
Tahiliani will also see ABFRL acquiring 33 per cent stake in his existing eponymous couture brand, with an option to increase the stakes up to 51 per cent in the coming years.
“Last year, we celebrated 25 years of the Tarun Tahiliani label. The next big leap for the brand was to take our craftsmanship and expertise and offer it to a larger Indian market that knows and values quality and is actively seeking it. I was clear that we needed a partner who could not just help us with this scale, but also have the same dedication to quality and the customer. And that could only have been the Aditya Birla Group,” said Tahiliani in a press statement.
He added, “I am excited and look forward to this unique opportunity of taking our signature India Modern aesthetic to a broader consumer base across the country. The Tarun Tahiliani brand will continue to be in the studio doing couture and occasion wear, building on its experience and success.”
With a strategy to build a strong portfolio in ethnic wear, across value, premium and luxury segments, Ashish Dikshit, MD, ABFRL, said, “We believe that over the next few years, ethnic wear is going to be an important category as confident Indians rediscover their culture and heritage. Tarun Tahiliani has been at the forefront of the emergence of the Indian design industry. We are proud to partner with him to launch a new brand that gives the emerging Indian consumer a new range of celebration wear reflecting the unmatched, exquisite design excellence at more accessible prices.”