CURRENT AFFAIRS

Detailed explanation-1: -Aditya Birla Fashion and Retail, an Aditya Birla Group company, has acquired the rights for global fashion chain Forever 21 in India from the current franchisee Diana Retail for an undisclosed sum.

Detailed explanation-2: -It has a repertoire of leading brands such as Louis Philippe, Van Heusen, Allen Solly and Peter England established for over 25 years.

Detailed explanation-3: -"Brand Masaba will be scaled predominantly through the digital direct-to-consumer (D2C) channel, leveraging its strong connect with younger and digitally influenced consumers, ” according to a joint statement.

Detailed explanation-4: -Aditya Birla Fashion and Retail Ltd. has acquired a controlling stake in eight digital-first fashion and accessories brands for about Rs 289 crore, marking its entry into the fast-exploding direct-to-consumer segment. The brands include Berrylush, Bewakoof, Natilene, Juneberry, Nauti Nati, Nobero, Urbano, and Veirdo.

Detailed explanation-5: -Reebok’s operations will be classified under subsidiary Madura Fashion and Lifestyle and will gain a net economic benefit for the second half of the fiscal year, the company said.