Aditya Birla Fashion acquires Forever 21

CHENNAI: Aditya Birla Fashion and Retail (ABFRL) on Tuesday said it will acquire global clothing brand 'Forever 21' in the Indian market for USD 26 million.
“The company has executed a business transfer agreement with Diana Retail and DLF Brands for acquisition of the business undertaking of Diana Retail... under the Forever 21 brand and also through e-commerce channel on a going concern basis, in the Indian market,” ABFRL said in a BSE filing.
Diana Retail is the franchisee of Forever 21 brand in India.The company added: “The transaction involved acquisition of the Forever 21 Undertaking of Diana Retail with effect from July 1 through a business transfer agreement not share transfer. The consideration for acquisition is USD 26 million”.
Forever 21 has a network of more than 700 stores worldwide. Its India operations reported a turnover of Rs 262 crore in 2015-16.
ABFRL was formed after 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, APFRL was renamed as Aditya Birla Fashion and Retail, with over 7,000 points of sale in over 375 cities and towns.