Share price rises 17% due to news of demerger
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Aditya Birla Fashion: Both the Indian stock market indices Sensex and Nifty are falling. Even in such a situation, the stock of retail company Aditya Birla Fashion and Retail is witnessing a stormy rise. The company’s stock opened this morning at Rs 232.80. Which reached Rs 247.40 with a gain of 16.86 percent during trading at 10.15 am on Bombay Stock Exchange. On NSE it stood at Rs 247.50 with a jump of 16.93 percent. Let us tell you that on Monday, the company had announced to separate its Madura Fashion and Lifestyle business from the company and create a separate listed entity, a day after which its shares rose.
what does the company do
The Madura Fashion & Lifestyle (MFL) business includes four fast fashion brands – Louis Philippe, Van Heusen, Allen Solly and Peter England as well as casual wear brands such as American Eagle and Forever 21. It also has a brand license for the innerwear business under sportswear brands Reebok and Van Heusen, which will be spun off into a separate listed entity. In FY23, Madura Fashion & Lifestyle contributed Rs 8,306.97 crore to Aditya Birla Fashion & Retail’s consolidated revenue of Rs 12,417.90 crore.
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Madura Fashion and Lifestyle was acquired in 1999
Aditya Birla Group firm had acquired Madura Fashion and Lifestyle from the Indian unit of British multinational company Coates Viella in December 1999. The company used to make clothes, shoes and performance materials. Following the demerger of Madura Fashion & Lifestyle from Aditya Birla Fashion & Retail, the company will be joined by Pantaloons and Style Up, which focus on value retail. Apart from this, it will have The Collective, Galeries Lafayette and other selected luxury brands. Whereas, Madura Fashion and Lifestyle will also be a luxury business portfolio.
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