Fabindia Overseas picks 25% stake in EAST to expand its business footprints
Fabindia Overseas Pvt. Ltd, the authentic Indian clothes and accessories retail chain store, has acquired a 25% share in EAST, a company that has established a niche in the UK fashion market through its focus on retailing garments for women in natural fabrics and with a distinct eastern influence.
The company officials of Fabindia revealed that the company has an option to acquire the balance shares in a phased manner over the next 2-3 years.
EAST was formed in 1994 and started with mainly clothes and designs based on designs from Jaipur. The company has 77 outlets, which include selling points through 18 John Lewis stores. This network will help Fabindia sell its garments in UK.
EAST has annual revenues of £30 million.
Market experts saw the latest move by Delhi-based company, an opportunity to expand the international markets for Fabindia and partner in the expansion of the East brand to India, Middle East and other emerging markets.
Fabindia Overseas Private Limited is India’s largest private retail platform for a wide range of products produced using craft-based processes that derive from traditional skills and techniques. The company was set up in 1960 by John Bissel, has 97 stores across India and six outlets in West Asia and Italy.