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Aditya Birla fashion up 5% when purchased exclusively for Reebok

Aditya Birla fashion up 5% when purchased exclusively for Reebok

Shares of Aditya Birla Fashion and Retail Ltd. (ABFRL) increased by 5%.

Shares of Aditya Birla Fashion and Retail Ltd. (ABFRL) rose 5% to an intraday high of Rs 278.10 after the company said on Tuesday that it has approved online and offline exclusive purchases of the global sportswear brand Reebok for Indian Market.

The deal will come into effect after global ownership of the Reebok brand is transferred from Adidas to Authentic Brands Group under a €2.37 billion ($2.37 billion) acquisition announced in August. .

Major fashion retailers have ramped up shopping for major brands this year, cementing their position in one of the country’s fastest-growing segments. ABFRL bought a 51% stake in luxury bridal brand Sabyasachi, while rival retailer Reliance Industries bought a 52% stake in designer brand Ritu Kumar.

“India’s leading fashion company, today announced the signing of a long-term licensing agreement, granting exclusive rights to ABFRL to distribute and sell Reebok products through its wholesale stores. , e-commerce and Reebok-branded retail stores in India and other ASEAN countries,” said Aditya Birla Fashion and Retail in a press release.

The acquisition marks Aditya Birla Fashion’s foray into the fast-growing sportswear and activewear segment, which is expected to grow to $13 billion by FY2024 with year-over-year growth. is 14%, the company said.

“Reebok is one of the leading brands in the sportswear industry globally and has built a very strong presence in the Indian market over the past two decades. In partnership with ABG, we have a plan in place. plans to accelerate Reebok’s business in India, combining its global appeal, said Ashish Dikshit, managing director at ABFRL.

As of 11:28 a.m., Aditya Birla Fashion trades 4.36% higher at Rs 277.65, outperforming Sensex, which was down 0.6%.

https://www.ndtv.com/business/aditya-birla-fashion-surges-5-on-buying-exclusive-rights-to-reebok-2649987 Aditya Birla fashion up 5% when purchased exclusively for Reebok

Emma James

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