With a wide array of portfolios under its belt, ABFRL has incorporated another brand in its basket to tap the budding ethnic market in the country.
And the brand is Jaypore!
Jaypore is an indigenous online and offline retailer offering a wide collection of handmade, handwoven and handcrafted apparels, jewellery and home textiles based on crafts from all over the country. The brand has posted a turnover of Rs. 39 crore for FY2019, down from Rs. 41.9 crore it posted a year ago.
While commenting on the move, Ashish Dikshit, Managing Director, ABFRL, said ”Ethnicwear is the largest segment in the Indian fashion apparel market. While ABFRL has built a diversified portfolio of brands across different segments, ethnicwear space is currently under-represented in our bouquet of offerings to consumers.”
ABFRL said in the filing that the deal would take around 30-45 days to conclude. Going forward, the firm will continue to build on Jaypore’s offline stores to make it a significant part of its existing portfolio.
“Jaypore is a brand with strong equity and with a differentiated offering of products based on Indian crafts. The proposed acquisition is, therefore, a great strategic addition to our portfolio and gives us a strong footing in a segment that is growing in double digits. It provides a great platform for us to build a strong presence in the ethnic segment and in accessories and home segment and will further strengthen leadership position of ABFRL in the branded fashion space,”added Ashish.
Besides Jaypore, the board has also approved entering into a share purchase agreement with the existing shareholders of TG Apparel & Decor Pvt Ltd, which retails ethnic fashion, both online and offline, the company added.
ABFRL that has a network of 2,714 stores which retails brands such as Louis Philippe, Van Heusen, Allen Solly and Peter England. Also, brands Manyavar, Craftsvilla, RG Designer and other regional and in-house labels have been contributing to the ethnic segment.