Deepika Padukone, Ranveer Singh in Sabyasachi at their wedding in Lake Como. Photo: Errikos-Andreous
Aditya Birla Fashion and Retail Limited (ABRFL), reported a consolidated net profit of 58.55 crore rupees ($8 million) for the third quarter ending December. In the same period last year, the company posted a net loss of 37.64 crore rupees ($5.16 million).
Total income for the quarter fell almost 18 percent compared to a year earlier, but ABRFL said they had seen a significant pick-up of business in recent quarters, as Covid-19 infection rates in India started to decline and consumers began returning to stores.
Traditionally a giant in the men’s formalwear sector with brands such as Louis Philippe, Van Heusen, Allen Solly and Peter England, ABRFL has recently diversified by introducing Forever 21 to India, and tapping the country’s huge bridal fashion market with a partnership deal inked with bridal couture brand Shantanu & Nikhil in 2020 and a 51 percent stake in Indian luxury brand Sabyasachi acquired just last month.