Flipkart On Thursday, he announced that he had invested $ 35 million in Arvind Fashions for a significant minority stake in one of the decades-old Indian company's subsidiaries as the Walmart-owned company seeks to expand its hold on fashion e-commerce in the world's second largest Internet market.
E-commerce company, which operates market-leading fashion e-commerce company Myntra, said it is taking a stake in Arvind Youth Arvind Youth Brands, which operates the Flying Machine brand in India. The two companies said today that the new investment is strengthening their partnership as they seek to meet the demands and needs of "fashion-conscious young people" in India.
Arvind Fashions, 91, heads the country's biggest fashion brands, wearing clothes from Polo Assn, Arrow, GAP, Tommy Hilfiger, Calvin Klein, Aeropostale, The Children's Place and Ed Hardy, among other local and international businesses.
"Flying Machine is a household name brand known across India, popular with young people and synonymous with value and style. With this investment, we look forward to partnering with the Arvind Youth Brands team to further develop the market for its product portfolio and build on the strong brand equity that has been built over the past decades. " said Kalyan Krishnamurthy, Managing Director. director of Flipkart Group, in a press release.
The partnership with the Flipkart group aims to help Arvind Fashions accelerate its online growth strategy, said J. Suresh, CEO and CEO of Arvind Fashions. "Given the strong existing relationship with the Flipkart group and their presence in online fashion, it was evident that we were making this commitment through which Flipkart and Myntra will be our preferred online partner for the Flying Machine brand, while we are continuing to increase our offline sales through channels such as exclusive brand stores, department stores and multi-brand stores, "he said in a statement.
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