Arvind Group’s fashion and garment division, Arvind Fashions Limited (AFL) on Tuesday said that its subsidiary Arvind Lifestyle Brands has received Rs. 260 crore from Walmart-owned e-commerce marketplace Flipkart to purchase a significant minority stake in Arvind Youth Brands, another group firm.
The recently formed subsidiary of AFL, Arvind Youth Brands owns the Flying Machine brand.
Arvind Fashions stated in a BSE filing, “Arvind Lifestyle Brands Limited, a subsidiary of the company, received Rs. 260 crore from Flipkart India Private Limited as consideration for the sale of a significant minority stake in Arvind Youth Brands Private Limited (which owns the Flying Machine apparel brand), another subsidiary of the company.”
When AFL had made the announcement for investment in a regulatory filing earlier this month, Kalyan Krishnamurthy, CEO, Flipkart Group, had said that they are looking forward to collaborating with the Arvind Youth Brands team “to continue to grow the market for its portfolio of products and enhance the strong brand equity that has been built over the last few decades.”
India’s first homegrown denim brand and a leading youth apparel brand in the country, Flying Machine has been selling its fashion apparels, footwear and accessories on the Flipkart Group platforms of Flipkart and Myntra for more than 6 years now.
