Flipkart Group to acquire a 7.8% stake in Aditya Birla Fashion for $203m.

Flipkart Group, a retailer group, agreed to acquire a 7.8% stake in Aditya Birla Fashion and Retail, a clothing and accessories retailer, for $203m. “We look forward to this partnership with Flipkart Group, and our collective journey to delight customers of a young and aspirational India. Given the complementary strengths of ABFRL and Flipkart Group, this partnership has the potential to dramatically accelerate the growth of the apparel industry in India and reshape apparel commerce. This deal also provides a tremendous opportunity to build scale of existing brands and expand its brand portfolio into emerging consumer segments,” Ashish Dikshit, ABFRL Managing Director.