ABFRL sheds its skin: market reacts to lifestyle spin-off
Aditya Birla Fashion and Retail (ABFRL) shares plummeted 66.88% to Rs 89.15 as the stock turned ex-demerger following the spin-off of its lifestyle brands business into a separate listed entity, Aditya Birla Lifestyle Brands (ABLBL).
The sharp decline reflects the adjustment in ABFRL's share price to account for the demerged business. As per the approved 1:1 share entitlement ratio, existing ABFRL shareholders will receive one share of ABLBL for every ABFRL share they hold. With 22 May set as the ex-date, the stock price was realigned to exclude the value of the lifestyle brands vertical. The record date to determine shareholder eligibility was also set for the same day.
Post-demerger, ABFRL will continue to focus on its core verticals, which include value retail through brands such as Pantaloons and Style Up, ethnic wear featuring TCNS Clothing and designer-led collaborations, the luxury and bridge-to-luxury segments via The Collective, Galeries Lafayette, and premium international labels, as well as digital-first brands under the TMRW platform.
Meanwhile, the newly listed ABLBL will carry forward ABFRLs powerhouse portfolio of marquee fashion labels such as Louis Phillippe, Van Heusen, Allen Solly, and Peter England. It will also include youth and casualwear brands like American Eagle and Forever 21, the Reebok sportswear line, and the innerwear division under Van Heusen.
On the financial front, the reorganisation involves transferring Rs 1,000 crore of debt to ABLBL from ABFRL's total outstanding of Rs 3,000 crore as of 31 March 2024. ABFRL will retain the remaining Rs 2,000 crore on its books.
ABFRL is engaged in the business of manufacturing and retailing of branded apparel and runs a chain of apparel and accessories retail stores in India. On a consolidated basis, ABFRL reported net loss of Rs 51.31 crore in Q3 December 2024 as against net loss of Rs 77.87 crore in Q3 December 2023. Net sales rose 3.31% year-on-year to Rs 4304.69 crore in Q3 December 2024.
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