Aditya Birla Fashion acquires global clothing brand Forever 21
Posted on:06 Jul 2016 17:55:37
06 July 2016 Current Affairs GK: Aditya Birla Fashion and Retail (ABFRL) has acquired global clothing brand Forever 21 in the Indian market for 26 million US dollars on 5 July 2016.Forever 21 has a network of more than 700 stores worldwide. Its India operations reported a turnover of 262 crore rupees in 2015-16.
Highlights : Aditya Birla Fashion executed a business transfer agreement with Diana Retail, Franchise of Forever 21, and DLF Brands for acquisition of the business undertaking of Diana Retail under the Forever 21 brand.
The transaction involved acquisition of the Forever 21 Undertaking of Diana Retail with effect from 1 July 2016. The transaction of 26 million US dollars was an all cash deal through a business transfer agreement and not a share transfer.
With this, Forever 21 business will form part of ABFRL’s Madura Fashion & Lifestyle division.
Aditya Birla Fashion and Retail (ABFRL) : Initially, the company was named as Pantaloons Fashion and Retail Ltd (PFRL).Later, it was formed as the consolidation of the branded apparel businesses of Aditya Birla Group - Aditya Birla Nuvo, Madura Fashion division, Pantaloons Fashion and Retail Ltd and Madura Garments Lifestyle Retail Company Ltd.
Post consolidation, PFRL was renamed as Aditya Birla Fashion and Retail, with over 7000 points of sale in over 375 cities and towns.
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