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Aditya Birla arm buys ‘Forever 21’ from Diana

Aditya Birla arm buys ‘Forever 21’ from Diana

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.