July 06, 2016- RedNewswire
Mumbai, India: Kumar Mangalam Birla led Aditya Birla Fashion and Retail (ABFRL) has acquired the Indian business of global clothing brand ‘Forever 21’ from Diana Retail Pvt. Ltd., the U.S.based company’s local franchise partner, for over Rs.175 crore or $26 million.
“The transaction involved acquisition of the Forever 21 Undertaking of Diana Retail from July 1 through a business transfer agreement not share transfer. The consideration for acquisition is $26 million,” the company said in filing to the exchanges adding that Forever 21 business will form part of its Madura Fashion & Lifestyle division.
Forever 21 is among the fastest growing fashion retailers in the world with a network of more than 700 stores worldwide.