Arvind Fashions (AFL) recently made a public announcement that Walmart backed Flipkart Group has contributed Rs 260 crore to pick a minority stake in its wholly-owned subsidiary Arvind Youth Brands.
Arvind Youth Brands is Arvind Fashions’ as of late shaped auxiliary which will claim the Flying Machine brand.
“The Flipkart Group and Arvind Fashions (AFL) fortified their organization, through the speculation of Rs 260 crore by Flipkart Group to buy a critical minority stake in Arvind Youth Brands which will claim the Flying Machine brand,” AFL said in an administrative documenting.
Arvind Fashions said Flying Machine has been retailing on the group’s foundation of Flipkart and Myntra for over six years.
Through this speculation, the Flipkart Group and Arvind Fashions will work cooperatively to distinguish openings and collaborations to enhance and create items with solid offers at appealing value focuses.
The retail organization, that has 1,290 stores across India, just as 10,000 multi-brands outlet nearness, said in its administrative documenting that as of now, 75% of its stores are operational.
Today Arvind Fashions is home to more than 27 recognized brands spreading overall organizations of retail. We invest wholeheartedly in having an unequaled future prepared arrangement of numerous notable brands.
Arvind brands are retailed in more than 1,300 independent stores and around 5,000 departmental and multi-brand stores in more than 192 urban communities and towns across India. Each season we source more than 30 million items.
Kalyan Krishnamurthy, Chief Executive Officer, Flipkart Group, stated, “Through this venture, we anticipate joining forces with the group at Arvind Youth Brands to keep on developing the market for its arrangement of items and improve the solid brand value that has been worked in the course of the most recent couple of decades.”
The exchange is dependent upon the standard conditions point of reference. Metta Capital Advisors went about as the budgetary consultants to AFL for this exchange.
J Suresh, Managing Director and Chief Executive Officer of Arvind Fashions, stated, “The association with the Flipkart Group will assist us with quickening our online development methodology as we center our endeavors around building up an omnichannel retail approach for Arvind Youth Brands and Flying Machine.
He further included, “Fruition of the key vital strides during the year have loaned major solidarity to our business. While COVID has been a phenomenal occasion which has altogether affected the whole retail industry, as a main easygoing wear organization with an arrangement of brands with driving business sector positions and key capacities in advanced and omnichannel, we hope to pick up a piece of the pie as a business return to ordinary.”
Share Offer cost of Arvind Fashions exchanges higher than 5 and 50-day however lower than 20, 100, and 200-day moving midpoints. Arvind Fashions shares have risen 2.09% in multi-week and 0.36% in one month.
The top managerial staff of the marked attire and retail organization of the Arvind Group, Arvind Fashions Limited on Sunday endorsed re-dispatch of its rights issue with an overhauled issue size of up to Rs 400 crore.
Conceded before because of the lockdown and by and large economic situations by virtue of the Covid-19 pandemic, the board endorsed the issue with an overhauled issue cost and qualification proportion. The issue will open on June 29 and close on July 17, 2020.
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Major revenues from business operations fell 39.22% to Rs 710.46 crore during the March quarter against Rs 1,168.96 crore in the comparing quarter a year prior.
Flipkart, which rivals Amazon in India, is multiplying down on a zone where it has set up an unmatched dominant position: Fashion.
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On Thursday, the Flipkart Group reported it had put $35 million in Arvind Fashions for a critical minority stake in one of the decades-old Indian company’s auxiliaries as the Walmart – possessed firm hopes to fix its grasp on design clothes on the planet’s second-biggest online e-commerce market.
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Through obtaining of Myntra and Jabong throughout the years, Flipkart has just settled predominance in India’s design web-based business showcase. The organization said today it was gaining a stake in Arvind Fashions’ Arvind Youth Brands, which works the Flying Machine brand in India.
The two organizations said the new venture fortifies their association as they hope to serve the requests and needs of the “style cognizant youth” in India. Arvind Fashions started selling things on Flipkart six years back.
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Ninety-one-year-old Arvind Fashions runs one of the country’s biggest design brands and furthermore makes and conveys clothes of global brands, including Polo Assn, Arrow, GAP, Tommy Hilfiger, Calvin Klein, Aeropostale, the Children’s Place, and Ed Hardy, among other neighborhood and universal firms.