BIBA Apparels, an ethnic wear brand in India, has signed an agreement for a substantial minority stake, in fashion and costume designer – Anju Modi’s designer label. Since the inception of her label in 1990, Anju Modi has continuously been working with master artisans across the country, evolving the label as one that does not only derive from the design heritage but also contributes to the bank of textile reserves and the ancient crafts. She has delicately and dedicatedly revived age-old Indian techniques, long forgotten.
Siddharth Bindra, MD, BIBA Apparels said, “Biba as a brand believes in evolving and far-reaching fashion. For the same purpose, the brand has always been open to partnerships which are mutually beneficial and serves the brand’s vision of expansion. We are delighted with this association with an esteemed designer like Anju Modi.Anju Modi brings about a very original, creative and widely accepted design sensibility which we at Biba believe can be truly ramped up to a much larger business opportunity. This development is in line with our vision of strategic partnerships in the luxury fashion space.”
Anju Modi, Founder and Director of the eponymous label said, “In the business of Fashion today, it has become imperative to bring a more professional and structured set up. This association will also help me, as a designer, to focus more on the designs and the creative aspects, as Mr. Bindra and his team bring their core competencies, business insight and financial commitment for the brand’s growth to the table.With our long-term objectives of brand expansion, I believe that the collaboration would greatly enhance the reach of the label and our collections through the country.“
The investment was solely advised and managed by Kamesh Khaitan of Radico Khaitan Finance.
Biba has a strong retail presence with 162 exclusive outlets across 65 cities, apart from presence in all the major retail chains in the country.