Published
Jul 9, 2020
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Flipkart picks up minority stake in Arvind Youth Brands for Rs 260 crore

Published
Jul 9, 2020

Walmart-owned e-commerce major Flipkart has picked up a minority stake in Arvind Youth Brands, a subsidiary of Arvind Fashion for Rs 260 crore ($34.7 million). Arvind Youth Brands owns the popular fashion label Flying Machine.
 

Flipkart picks up minority stake in Arvind Youth Brands for Rs 260 crore - Flying Machine


With this partnership, Flipkart and Arvind Youth Brands will collaborate to strengthen the brand and expand the product portfolio for a wider reach.
 
The partnership is also expected to help Arvind strengthen its online business amid the Covid-19 disruptions.

Commenting on the partnership, Kalyan Krishnamurthy chief executive officer of the Flipkart Group in a statement said, “Flying Machine is a brand that is known in households across India, popular with the youth and synonymous with value and style. Through this investment, we look forward to partnering with the team at Arvind Youth Brands 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.”
 
J Suresh managing director and CEO of Arvind Fashions added, “The partnership with the Flipkart Group will help us accelerate our online growth strategy as we focus our efforts on developing an omnichannel retail approach for Arvind Youth Brands and Flying Machine. Given the strong existing relationship with the Flipkart Group, and their presence in online fashion, it was an obvious choice for us to enter into this engagement through which Flipkart and Myntra will be our preferred online partner for the Flying Machine brand."

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