India’s Aditya Birla Group launches online fashion store abof.com

Kumar Mangalam Birla, chairman of Aditya Birla Group. Photo: Abhijit Bhatlekar/Mint

The Aditya Birla Group on Friday launched a new online fashion store www.abof.com. The portal will sell all brands including those from the Aditya Birla Group and other external brands.

On 9 October, Mint reported that Aditya Birla Group is set to launch its online fashion store abof.com that will compete with the likes of Myntra, a Flipkart unit, and Rocket Internet-backed Jabong.

In May, the Aditya Birla Group said it will consolidate its garments business into a single entity by carving out a premium apparel maker Madura Garments Lifestyle Retail Co. Ltd from Aditya Birla Nuvo Ltd and merging it with Pantaloons Fashion and Retail India Ltd. The merged entity will be India’s largest branded clothing company with annual sales of Rs.5,290 crore.

The consolidation will unlock shareholder value and give investors an opportunity to invest in the fast-growing fashion space through Aditya Birla Fashion and Retail Ltd, said Kumar Mangalam Birla, chairman of the Aditya Birla Group.

The boards of Aditya Birla Nuvo, Pantaloons Fashion and Madura Garments at their respective meetings held on Sunday approved the consolidation of the branded apparel businesses. The boards have also approved the swap ratio recommended by independent valuers.

Other businesses that will be separated from the respective companies and merged with Pantaloons Fashion are Madura Fashion, a branded apparel retailing division of Aditya Birla Nuvo, and Madura Lifestyle, an apparel retailing division of Madura Garments Lifestyle.

Kumar Mangalam Birla, chairman of Aditya Birla Group, described abof (all about fashion) as an online one-stop fashion portal for apparel, footwear and accessories for men and women.

“The e-commerce sector is a sunrise sector from an investment point of view. While a lot has happened in the last couple of years, a lot more is yet to happen in this space,” Birla said.

He said Aditya Birla Group is already India’s largest fashion company through Madura Fashion and Pantaloons.

“Therefore, it made sense for us to enter into fashion e-commerce to further strengthen our pole position in the business of fashion in India. We see the potential to build another billion dollar business of the group in this space,” Birla said.

Also Read: India’s largest textile company Arvind lines up select brands for online retail

In KM Birla’s 20-year transformation, a mix of caution and ambition

This article was first published on Livemint.com

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

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  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.