Fast fashion segment revenues of Aditya Birla Fashion and Retail triples in Q1 with Forever 21
Aditya Birla Fashion and Retail has been trying to become Indias largest fashion retailer for some time now. The company said acquisition of Forever 21 Indias rights made a difference this quarter.
Key Highlights
- ABFRL revenues reached Rs 6633 crore this year with acquisition of Forever 21 India rights.
- Company’s standalone net loss shrank to Rs 20 crore in Q1FY18.
- EBITDA for its fast fashion segment dropped further on Year-on-Year basis to register a loss of Rs 14 crore.
The fashion arm of Aditya Birla Group – Aditya Birla Fashion and Retail (ABFRL) announced its first quarter earnings on Thursday.
The company’s standalone net loss shrank to Rs 20 crore from Rs 21 crore in the same period last year.
Its total income earned during the quarter stood at Rs 1777 crore. “ABFRL revenue grew by 25% compared to Q1 FY17 driven by strong performance across all business segment,” the company said.
The ‘fast fashion’ segment of the company tripled in sales with the acquisition of Forever 21.
“Fast Fashion segment revenues tripled in Q1 due to addition of Forever 21,” ABFRL said.
The company which signed an MoU with Forever 21 in May last year, acquired rights of Forever 21 India in 2017. ABFRL’s revenue reached Rs 6633 crore this year.
Can Forever 21 make Aditya Birla India’s biggest fashion player?
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