Fabindia, the leading Indian retailer specialising in ethnic Indian design and fabrics, is in the headlines. According to media reports, the company is learnt be in talks with East, UK’s bohemian womenswear retailer that pioneered the sale of Indian fashion garments in the UK, for acquisition.
However, when contacted, Fabindia sources refused to comment on the issue and dismissed the development as purely speculative.
Set up in 1960 by John Bissell, a former buyer for Macy’s, in New York, initially to export Indian handloom textiles adapted to Western tastes, Fabindia, now has 92 stores selling men’s and women’s garments, household furnishings, pottery, food and handicrafts.
Contrary to the Fabindia sources in New Delhi, media reports had attributed the breaking down of talks to the severe downturn in high street sales and a disagreement on East’s value but leading investors watching the development feel the deal could still be revived.
— Shailesh Shah