Aditya Birla Fashion and Retail Limited (ABFRL) has said that it will acquire global clothing brand ‘Forever 21’ in the Indian market for 26 million US dollar (around Rs. 175.52 crore).

“The company has executed a business transfer agreement with Diana Retail and DLF brands for acquisition of the business undertaking of Dina Retail – under the Forever 21 brand and also through the e-commerce channel on a going concern basis, in the Indian market,” ABFRL said in a BSE filing.

Diana Retail is the franchisee of Forever 21 brand in India. Forever 21 undertaking will form part of the Madura Fashion and Lifestyle Division of the company, ABFRL said in the filing.

“With the acquisition of Forever 21 India business, we aim to create a strong foothold in womenswear business in the western wear segment. Currently, the western womenswear segment is growing at more than 20 per cent. The proposed acquisition will further strengthen leadership position of ABFRL in the branded fashion space, Pranab Barua, managing director ABFRL, had said earlier. Forever 21, a fashion brand targeted at teens and young adults, entered India half a decade ago and had changed a partner already before tying up with DLF brands.