Flipkart To Buy Minority Stake In Arvind Fashions Unit For Rs 260 Crore
- 4 years ago
Arvind Youth Brands, the owner of Flying Machine and part of the Lalbhai Group, has agreed to (sell a minority stake to Walmart Inc.-owned Flipkart Group for Rs 260 crore). This is due to the rise in online sales as shoppers are trying to avoid purchasing in the stores.
Flipkart Group and Arvind Fashions Ltd, will work collaboratively to identify opportunities and synergies to innovate and develop products at attractive price points.
The offline sales have dipped during the pandemic and this deal gives Arvind fashions a way to reach the online customers.
Kalyan Krishnamurthy, chief executive officer at Flipkart Group, said in the statement that through this investment, they look forward to continue to grow the market for Arvind Fashions' portfolio of products and (enhance the strong brand equity that has been built over the last few decades.)
J Suresh, managing director and chief executive officer at Arvind Fashions, said that Flipkart and Myntra will be their preferred online partner for the Flying Machine brand, while they continue to grow their offline sales through channels like exclusive brand stores, department stores and multi-brand stores.
Flipkart Group and Arvind Fashions Ltd, will work collaboratively to identify opportunities and synergies to innovate and develop products at attractive price points.
The offline sales have dipped during the pandemic and this deal gives Arvind fashions a way to reach the online customers.
Kalyan Krishnamurthy, chief executive officer at Flipkart Group, said in the statement that through this investment, they look forward to continue to grow the market for Arvind Fashions' portfolio of products and (enhance the strong brand equity that has been built over the last few decades.)
J Suresh, managing director and chief executive officer at Arvind Fashions, said that Flipkart and Myntra will be their preferred online partner for the Flying Machine brand, while they continue to grow their offline sales through channels like exclusive brand stores, department stores and multi-brand stores.