Arvind Internet to tap international markets for growth
Arvind Limited's e-commerce arm Arvind Internet is looking to foray into international markets to boost sales by partnering with retailers and brands across the globe.
Arvind Ltd posted strong results in the fourth quarter ended March 2018, with profit jumping 18 percent to Rs 115 crore (approx $17.1 million) and income of Rs 3004 crore (approx $446.3 million) due to strong performance across business segments led by its brand business.
Arvind Internet, on the other hand managed to cut down on its losses to Rs 54 crore from Rs 80 crore last year. To further cut down losses and eyeing profitablity, Arvind Internet now plans to expand outside India.
“For the first time, we are moving out of India expanding into Malaysia, Hong Kong, Kuwait, amongst others. We are speaking to several brands in each region with many of them in the final stages, expected to close in near future,” said Mukul Bafana, chief executive of Arvind Internet told the Economic Times.
“Having worked with large brands groups like PVH (which owns Tommy Hilfiger, Calvin Klein, Van Heusen etc), we have inbound sales happening. With our brand partners, we are expanding outside of the India,” said Bafana.
Arvind Internet, currently has over 42 brands on its platform with 16 private labels and offers support to these brands to scale up operations in the online space. It also runs and operates omnichannel platform NNNow.com and Creyate.com.
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