Fabindia has reportedly acquired 25% stake in the UK based womenswear retailer EAST with an option to acquire the rest in three years.
Fabindia MD William Bissell stated, "The synergy between the two is apparent not only in the product but also in the approach and sourcing."
The report stated that Fabindias finance director Sunil Chainani will join the EAST board. EAST has annual revenues of £30mn, Fabindia has revenues of about Rs3bn. EAST was formed in 1994 and started with mainly clothes and designs based on designs from Jaipur.
EAST has 77 outlets, which includes selling through 18 John Lewis stores. The investors in EAST include Luke Johnson, the Channel 4 chairman and John Singh of Jaipur.
|
