The Indian retail giant has acquired a 51 percent stake in the luxury fashion brand Sabyasachi, which produces apparel and accessories and has stores across India, the US, the UK and the Middle East. Aditya Birla Fashion and Retail has said the acquisition will help the company expand its growing ethnic wear portfolio with the aim of establishing Sabyasachi as a global luxury house beyond India.

“Over the course of the last couple of years, as my brand evolved and matured, I began searching for the right partner in order to ensure continuity and long-term sustainable growth,” founder and CEO Sabyasachi Mukherjee said in a statement. “I am honoured and excited to have found that partner in Mr. Kumar Mangalam Birla and ABFRL. Aligned in our vision, and committed to excellence, we will work together to grow a truly global luxury brand out of India.”