Categories: Business

Flipkart invest Rs 260 crore in arvind fashions arm

Photo: FILE

Flipkart investment

new Delhi. Arvind Fashions Limited (AFL) said on Thursday that Flipkart Group has invested Rs 260 crore to take a small stake in its subsidiary Arvind Youth Brands. Arvind Youth Brands is a recently formed subsidiary of Arvind Fashion, which owns the 'Flying Machine Brand'. The AFL told the stock market that the Flipkart Group and Arvind Fashions have strengthened their partnership through this investment. Arvind Fashions said that Flying Machine has been retailing on the Flipkart and Myntra forums for more than six years. The company said that through this investment the Flipkart Group and Arvind Fashions will be able to work together to develop new products.

Kalyan Krishnamurthy, Chief Executive Officer of Flipkart Group said that with this investment we want to further our partnership with Arvind Youth Brands. According to him, the brand of flying machine is recognized by every household, and this brand has created a special place among the youth. He hoped that through this investment, we will move forward in the market with this team. With this investment, both companies are now planning to focus on increasing their stake in smaller cities.

Arvind Fashion's portfolio consists of 20 national and international brands including US Polo, Arrow, GAP, Tommy Hilfiger, and Calvin Klein. Arvind Fashion has 1500 standalone and 5000 departmental and multi brand stores in India. The company launched the first international brand Arrow in India in the year 1993. According to an estimate, the fashion industry in India is worth $ 100 billion. Of which only 6 per cent has access to e-commerce. Online shopping has registered a sharp rise as the Corona crisis escalated. Given this, e-commerce companies are hoping to occupy a much larger market.

This post was published on July 9, 2020 7:29 pm

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