Aditya Birla Fashion and Retail, a fashion company, agreed to acquire a 33% stake in Luxury Couture business of Tarun Tahiliani, India's ace designer, for $9m. "We believe that over the next few years, ethnic wear is going to be an important category as confident Indians rediscover their culture and heritage. Tarun Tahiliani has been at the forefront of the emergence of the Indian design industry. We are proud to partner with him to launch a new brand that gives the emerging Indian consumer a new range of celebration wear reflecting the unmatched, exquisite design excellence at more accessible prices," Ashish Dikshit, ABFRL Managing Director.