Aditya Birla Fashion to buy 51% stake in House of MasabaAditya Birla Style and Retail (ABFRL) said on Friday it would buy a 51% stake in Property of Masaba Way of life for about Rs 90 crore ($12.14 million), as it seeks to strengthen its presence in the speedy rising phase.

Leading Indian stores ABFRL and billionaire Mukesh Ambani-owned Reliance Industries Ltd’s retail device have long gone on a buying spree for high quality brand names over the earlier yr as they compete for a more robust foothold in the style space.

ABFRL picked up a 51% stake in luxurious marriage wear brand Sabyasachi in January last calendar year, when Reliance Retail bought 52% of designer label Ritu Kumar in October.

Established by Masaba Gupta in 2009, House of Masaba Way of living sells under the model identify Masaba and gives a huge array of goods ranging from cosmetics to garments. Some of Masaba’s outfits are priced as higher as 90,000 rupees, according to her web page.

ABFRL and Property of Masaba Way of living have entered a binding phrase sheet settlement, marking the Aditya Birla Group firm’s entry into the beauty & private care marketplace in India, ABFRL explained.

Home of Masaba Life style is concentrating on once-a-year revenues of all-around Rs 500 crore in the upcoming 5 several years and will be scaled predominantly by on line platform, ABFRL said.