Fabindia, India’s very own ethnic wear brand has clsoed a deal with UK based womens wear brand EAST for 25 per cent of their stake. The amount of the deal has not been disclosed. FabIndia will have an option to acquire more stake in the brand over the next three years.
While confirming the news, William Bissell, managing director, Fabindia said the synergy between the two brands in terms of product, approach and sourcing is what prompted them to go through with the deal. Retailing through 52 exclusive outlets in London and also through the John Lewis department store chain, EAST rakes in a revenue of close to 30 mil pounds through its range of garments, jewellery as well as accessories sourced from India, China and the South-East Asian countries.
The talks between Fabindia and EAST, which went on for several months, reportedly broke down sometime ago over valuation, but the UK-based Compass Advisors helped Fabindia seal the deal.
EAST, originally called Anokhi, was started by Clive Pettigrew, Penny Oliver and Jonathan Keating in 1986 with a focus on Jaipur textile and fashion products.
— IndiaRetailing Bureau