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The new venture Novel Jewels will have large-format exclusive jewellery retail stores across India, with in-house jewellery brands, the group said in a statement on Tuesday.
Mumbai, May 8: TCNS Clothing (TCNS), India's leading women's ethnic-focused fashion player, today announced that it has entered into definitive agreements for combining with ABFRL, India's leading fashion & apparel company, and a part of the Aditya Birla Group. The transaction entails a combination of TCNS into ABFRL and will be carried out through - (1) Acquisition of the founding promoter's stake through a SPA and a conditional public open offer followed by (2) Merger between the two entities.
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"The acquisition is in line with the company's objective of building a comprehensive fashion portfolio across consumer segments and price points," the company said in a statement.
Aditya Birla Fashion and Retail plans to buy a controlling stake in women’s ethnic wear retailer TCNS Clothing. It will allow ABFRL to grow its ethnic wear business to ₹5,000 crore within three years, primarily driven by women’s wear