Flipkart Group invests Rs 260 crore in Arvind Fashions' arm
The Flipkart Group on Thursday announced it has invested Rs 260 crore to purchase a significant minority stake in Arvind Youth Brands, a subsidiary of Arvind Fashions (AFL).
Arvind Youth Brands owns the popular Flying Machine denim brand that has been retailing on Flipkart and Myntra for more than six years.
With this investment, the Flipkart Group and Arvind Fashions will work collaboratively to identify opportunities and synergies to innovate and develop products with strong value propositions at attractive price points, the ecommerce platform said in a statement.
"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," said Kalyan Krishnamurthy, Chief Executive Officer, Flipkart Group.