Apparel and accessories retailer Fabindia Overseas today said it had increased its stake in UK-based women's wear retailer EAST to 62.5% for an undisclosed amount.
Fabindia had acquired 25.1% stake in EAST in 2009.
"Fabindia has the option to buy out the balance stake and take complete control of EAST within a year," Fabindia said in a statement.
Commenting on the development Fabindia's Sunil Chainani said: "Though the retail scenario in the UK is going through a difficult turn, our experience over the last two years with EAST has been positive and we are confident that EAST will add a lot of value to the Fabindia group."
Chainani represents Fabindia on the board of EAST.
With a total of 99 outlets, EAST has 65 stores and 35 concessions spread across the UK and reported a turnover of over 40 million GBP in the last financial year.
"The company which offers high street fashion with eastern influences – including India - has introduced two sub brands – EAST Artisan and EAST Boutique," the statement said.
Fabindia on the other hand operates 144 stores across 60 cities in India and six international stores.
Its product range extends from garments to home furnishing, furniture, gift-ware, jewellery, organic food and personal care products.
