Aditya Birla Fashion acquires global clothing brand Forever 21
Aditya Birla Fashion and Retail (ABFRL) has acquired global clothing brand Forever 21 in the Indian market for 26 million US dollars (around Rs 175.52 crore). The brand Forever 21 has a network of more than 700 stores worldwide. Its India operations reported a turnover of 262 crore rupees in 2015-16. The ABFRL has also executed a business transfer agreement with Diana Retail, Franchise of Forever 21, and DLF Brands for acquisition of the business undertaking of Diana Retail under the Forever 21 brand.
The deal involved acquisition of the Forever 21 Undertaking of Diana Retail with effect from 1 July 2016. The transaction of 26 million US dollars was an all cash deal through a business transfer agreement and not a share transfer. With this, Forever 21 business will form part of ABFRL’s Madura Fashion & Lifestyle division.
So let's discuss some questions related to this post :
1. Name the company which has acquired the global clothing brand Forever 21?
2. What is the amount of the acquition of the global clothing Forever 21?