ABFRL has entered into an agreement to acquire 51 per cent stake in House of Masaba Lifestyle Pvt Ltd by investing Rs 90 crore in cash. This will help the company to strengthen its position among the youth and digital consumers.
In this regard, in a joint statement issued by both the parties, it was said that the way will be cleared to take the brand Masaba directly to the consumer through digital medium. According to the statement, the target has been set to take the annual turnover of this brand to Rs 500 crore in the next five years.
The deal is expected to be completed in two-three months. Masaba brand offers products created by fashion designer Masaba Gupta.