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Aditya Birla Fashion to cut Forever 21 biz

BENGALURU:

Aditya Birla Fashion

& Retail (

ABFRL

) said it is downsizing operations of the

Forever 21

brand by closing or resizing the

legacy stores

across the country due to falling sales from the fast fashion brand.

The company, which acquired exclusive online and offline rights for the Los Angeles-based brand in India two years ago, reported a 14% decline in third quarter revenue for Forever 21 to Rs 99 crore, from Rs 115 crore, a year earlier.

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