<p>Aditya Birla Nuvo Ltd has bought a 10 per cent stake in the Mumbai-based fashion retail store 109<span style="font-size: 13.3333px;"> </span>Degree F, which is owned by Creative Lifestyles Pvt. Ltd. “It is more of a strategic stake, wherein the Birla group is expanding its foray into fashion retail post its demerger with Pantaloons Fashion,” said a source close to the development.</p><p>Sources say that the minimal stake worth a few crores of rupees in the new fashion retail stores by the ABNL is only showing the company’s quest to make it big in apparel retailing. </p><p>Aditya Birla group chairman Kumarmangalm Birla said that fashion retailing was doing far better than the country’s economy, with the combined entity’s revenue growing by 40 per cent and Ebitda by 43 per cent, in the past two years.</p><p>Aditya Birla group’s recent demerger with Pantaloons Fashion wherein group promoters will get shares of Pantaloons in exchange and, finally, two financial investors will be offered up to 10 per cent stake each in the expanded capital of Pantaloons Fashion. Separate shareholder meetings of Pantaloons' shareholders will be called for each investment, the proposal said. After the merger, the Birlas will own up to 50 per cent stake. The Birlas currently own 72 per cent stake in Pantaloons Fashion.</p><p>On the other hand, Creative Group, founded in 1973, is one of India's leading exporters, exporting garments to most leading Fashion Houses across Europe and America. In 2006, realising its ability and versatility of offering creatively designed Women’s Wear across various categories to the Indian consumer who is looking for International Fashion but with Indian sensibilities. <br><br>Creative Lifestyles Pvt. Ltd. then introduced 109°F followed by Fusion Beats in March, 2012 and O₂xygen in Autumn Winter, 2012. In a short span of time it has become one of the leading Brands in its category in India and has met tremendous success overseas too in UAE, Kuwait, Saudi Arabia, Nepal, Sri Lanka, Australia, Ecuador and Kurdistan.</p>
