This partnership aims to create a young, aspirational and digital-led portfolio play across the affordable luxury segment in fashion, beauty and accessory categories.
India’s leading fashion company, Aditya Birla Fashion and Retail Limited, today announced a strategic partnership with India’s leading designer Ms. Masaba Gupta to build a gen-next focused fashion and lifestyle business under the popular and contemporary brand “Masaba”. This partnership aims to create a young, aspirational and digital-led portfolio play across the affordable luxury segment in fashion, beauty and accessory categories. A binding agreement to this effect has been signed today that gives ABFRL majority stake in the entity.
Brand “Masaba” will be scaled predominantly through the digital direct to consumer (D2C) channel, leveraging its strong connect with younger and digitally influenced consumers. The brand will straddle across the entire lifestyle offerings ranging from apparel, accessories and other lifestyle products. The brand is targeting to achieve annual revenues of around Rs. 500 Cr in the next 5 years.
This partnership will also mark ABFRL’s entry into the beauty & personal care market in India, which offers tremendous opportunity to build distinctive, scalable home-grown brands. This is a rapidly growing segment driven by an increase in women shoppers, rise in disposable incomes and acceleration in digital influence.
Commenting on the partnership, Mr. Ashish Dikshit, Managing Director, ABFRL said: “As a new generation of young and digitally native consumers explore their needs within fashion and lifestyle, they actively seek brands that are colourful, vivid and digital. Masaba is a young, effervescent brand with a refreshing and innovative take on every lifestyle category.” He added, “This partnership is an important step in building presence in the fast-growing beauty and personal care segment. This fits in with our overall strategy to partner India’s top most designers to build a portfolio of distinctive and aspirational home-grown brands across fashion and lifestyle categories.
Ms. Masaba Gupta, Founder, House of Masaba said, ” As a young, homegrown brand I am delighted to partner with ABRFL to further solidify the House of Masaba into a 360-degree, global lifestyle brand of the future. Inspired by the ever-evolving, India-Proud Gen Z consumer, the brand will introduce multiple product extensions bringing Cosmetics, Personal Care, Athleisure & Home Decor to its portfolio. The House of Masaba already has established a strong foothold among the youth with a robust digital-first strategy and the tie-up with ABRFL will strengthen this position, making the brand future ready. With this partnership, I also look forward to creating immersive experiences for our target audience, that is already engaged in virtual mediums today and is driving the industry’s evolution to the Metaverse.”
The proposed acquisition is subject to necessary statutory approvals and signing of definitive agreements.
Source: Business World
