Question: Recently Aditya Birla Fashion and Retail (ABFRL) acquired the Indian business of global brand ‘Forever 21’ for how much amount?
(a) 175.52crore
(b) 174.52 crore
(c) 173.52 crore
(d) 172.52 crore
Ans: (a)
Related facts:
- On 5 July 2016 Recently Aditya Birla Fashion and Retail (ABFRL) acquired the Indian business of global brand ‘Forever 21’.
- The acquisition took place for over Rs.175 crore or $26 million.
- For this the Board of Directors of Aditya Birla Fashion and Retail Limited [‘ABFRL’] in-principally approved a proposal to enter into a Binding Memorandum of Understanding [MoU] with Forever 21.
- The MoU will enable the Aditya Birla Fashion and Retail (ABFRL) to acquire its exclusive online and offline rights to the global brand – Forever 21, for the Indian market and its existing store network in India from the current franchisee i.e. Diana Retail Private Limited.
- Forever 21 has more than 700 stores across the globe.
- Diana Retail Pvt. Ltd. is local franchise partner of ‘Forever 21’, a U.S.-based company.
- Forever 21 is among the fastest growing fashion retailers in the world.
- Diana Retail Pvt. Ltd has revenues of Rs 262 crore in Financial Year 2016.
Reference:
http://www.bseindia.com/xml-data/corpfiling/AttachHis/11954FDE_4A3B_4DBF_9100_8868B4F1E066_133701.pdf
http://www.adityabirla.com/media/press-releases/ABFRL-signs-MoU-Forever-21-India-business
http://www.thehindu.com/business/aditya-birla-arm-buys-forever-21-from-diana/article8812115.ece
http://www.financialexpress.com/industry/companies/aditya-birla-fashion-buys-india-rights-to-forever-21/308010/