Mumbai (Maharashtra) [India], June 10 (ANI): Aditya Birla Fashion and Retail Ltd (ABFRL) said on Monday it has acquired Jaypore, an Indian online and offline retailer that offers curated collections of handmade, handwoven and handcrafted apparel, jewellery, home textiles and accents based on craft forms from all over the country.
"Ethnic wear is the largest segment in the Indian fashion apparel market. While ABFRL has built a diversified portfolio of brands across different segments, ethnic wear space is currently under-represented in our bouquet of offerings to consumers," said company's Managing Director Ashish Dikshit.
"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," he said.
The board of ABFRL directors has approved the signing of the share purchase agreement to acquire Jaypore. The business comprises online and offline operations.
ABFRL is a part of 44.3 billion dollar Aditya Birla Group. As a fashion conglomerate, ABFRL has a network of 2,714 brand stores across 750 cities in the country.
Jaypore partners with artisanal communities, textile designers and independent artists to create a unique interpretation of age-old crafts to build a contemporary design language that comes from India and yet belongs everywhere on the globe. (ANI)