The secondary will own the Flying Machine brand, which has been retailing on the Flipkart Group platforms for over six years.
Walmart-owned Flipkart has invested Rs 260 crore to buy a remarkable nonage stake in Arvind Fashions’ recently formed subordinate Arvind Youth fashion Brands.
CEO of Arvind Fashions J Suresh said,
‘Partnership with the Flipkart will help us to quicken our online growth strategy as we focus our works on growing an omnichannel retail approach strategy for Arvind Youth Brands and Flying Machine’.
Also said, ‘For the Flying Machine brand Myntra & Flipkart will be favored online companion, while we continue to develop our offline sales through channels like department stores, exclusive brand stores, and multi-brand stores,”
When India’s fashion and clothing sector has recovered only 35% of sales compared to January levels deal comes at a time. Fashion sales in January came at an $85 billion average.
Satish Meena a senior analyst at Forester Research said, Mostly brands in fashion will be looking for these types of deals either with Flipkart or Amazon as they can’t take lightly the online channel partners any longer.
Analysts say Flipkart has planned built-up its fashion portfolio, where it already has a remarkable contact through Myntra, mostly when opponent Reliance Industries’ Ajio and Tata-owned Tata Cliq have quickened their online sell focus.
CEO of Flipkart Group Kalyan Krishnamurthy said Flying Machine brand is well known in the family circle over India. “From this investment, we look forward to partnering with the colleagues at Arvind Youth Brands to continue to grow the market for its products,”
Arvind Fashions’ brands covering Arrow, US Polo, and Tommy Hilfiger.