Arvind Fashions holds talks with Reliance Retail over Newport and Ruf & Tuff sale
Arvind Fashions Limited is continuing to restructure its apparel business and is in talks with Reliance Retail over the possibility of selling two of its menswear denim brands, Newport and Ruf & Tuff.
Arvind Fashions has been restructuring its apparel business for the past year and has let go of a number of its international brands. The next two brands scheduled for pruning are denim brands Newport and Ruf & Tuff, three sources told ET Retail.
Arvind retails Newport and Ruf & Tuff menswear from its dedicated e-commerce store as well as through other retailers. Both brands retail a range of denim with Newport also specialising in graphic t-shirts and Ruf & Tuff also carrying garments including casual men’s shirts.
Apparel giant Arvind is also in talks with groceries and fast moving consumer goods business V-Mart concerning a possible sale of its department store chain Unlimited. Arvind has already closed down a number of its Unlimited brick-and-mortar stores, especially in North India.
The nationwide lockdown has exacerbated Arvind’s financial woes and the business deferred staff payments in May amid halted sales while stores remained closed. The business had already reported a net loss of Rs 208 crore ($31.27 million) for the financial quarter ending on March 31, 2020 and its debt also increased during the quarter.
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