Flipkart Investments plans to sell off its whole 6% investment in Aditya Birla Lifestyle Brands Ltd (ABLB) through block sales valued at approximately Rs. 950 crore, according to a CNBC Awaaz report.
Marked as one of the larger exits this year by a private investor from a domestic retail company, several institutional investors are expected to take part in the block deal. Despite the recent volatility, this indicates continued interest in India’s premium lifestyle and apparel space.
ABLB comes under the umbrella of Aditya Birla Fashion and Retail Ltd. (ABFRL), one of India’s largest branded apparel and lifestyle conglomerates.
Apart from housing many marquee labels like Van Heusen, Allen Solly, Louis Phillipe, Peter England, the company in recent years has expanded fast into ethnicwear, activewear and international luxury segments. For building partnerships with international labels like Reebok, Hackett London, Ted Baker and Ralph Lauren, Aditya Birla Lifestyle Brands serves as the group’s vehicle for developing premium and luxury fashion offerings. With a focus on aspirational urban consumers, ABLB has also ventured into new-age retail formats and omnichannel distribution.
At a time when Aditya Birla Group is consolidating its fashion and lifestyle businesses, the sake by Flipkart Investments comes into the picture. On the BSE, Aditya Birla Lifestyle’s shares were last seen as being around Rs. 136.
