Founded by Masaba Gupta in 2009, House of Masaba Lifestyle sells under the brand name Masaba and offers a wide array of products ranging from cosmetics to clothes. Some of Masaba’s outfits are priced as high as 90,000 rupees, according to her website.
India’s Aditya Birla Fashion and Retail (ABFRL) said on Friday it would purchase a 51% stake in House of Masaba Lifestyle for around 900 million rupees ($12.14 million), as it looks to fortify its essence in the quickly developing segment. Top Indian retailers ABFRL and billionaire Mukesh Ambani-claimed Reliance Industries Ltd’s retail unit have gone on a shopping spree for premium brands throughout the most recent year as they vie for a more grounded traction in the fashion space. ABFRL got a 51% stake in luxury wedding wear brand Sabyasachi in January last year, while Reliance Retail purchased 52% of designer label Ritu Kumar in October.
ABFRL and House of Masaba Lifestyle have entered a binding term sheet agreement, marking the Aditya Birla Group company’s entry into the beauty & personal care market in India, ABFRL said.
House of Masaba Lifestyle is targeting annual revenues of around 5 billion rupees in the next five years and will be scaled predominantly through online platform, ABFRL said.
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