Aditya Birla Fashion acquires 51% in Styleverse Lifestyle

Following the entry of its subsidiary Aditya Birla Digital Fashion Ventures into a shareholder agreement and a share subscription agreement for the purchase of a 51 percent stake in Styleverse Lifestyle for Rs 155 crore, shares of Aditya Birla Fashion and Retail fell 2 percent in trading on October 23.

Under the names The Indian Garage Co., Freehand, and Hardsoda, Styleverse Lifestyle manufactures and sells clothing. According to a statement from ABFRL, "the business was transferred into SLPL through a business transfer arrangement. It was previously operating under a partnership firm, The Indian Garage Co."

Promoters kept their 55.5 percent stake in the company as of the September quarter's end. The public held about 13 percent of the shares, while FIIs and DIIs controlled 14 and 17 percent, respectively.

In the April-June quarter, the company reported a quarterly net loss at Rs 161.62 crore, against a profit of Rs 94.44 crore in the corresponding quarter in the previous fiscal year.