Flipkart on Thursday announced it has invested $35 million in Arvind Fashions for a significant minority stake in one the decades-old Indian firm’s subsidiaries as the Walmart-owned firm looks to widen its hold on fashion e-commerce in the world’s second largest internet market.
The e-commerce firm, which operates market-leading fashion e-commerce firm Myntra, said it was acquiring a stake in Arvind Fashions’ Arvind Youth Brands, which operates Flying Machine brand in India. The two companies said today the new investment strengthens their partnership as they look to serve demands and needs of the “fashion-conscious youth” in India.
91-year-old Arvind Fashions runs of the nation’s largest fashion brands, carrying apparels from Polo Assn, Arrow, GAP, Tommy Hilfiger, Calvin Klein, Aeropostale, the Children’s Place and Ed Hardy among other local and international firms.
“Flying Machine is a brand that is known in households across India, popular with the youth and synonymous with value and style. Through this investment, 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 of Flipkart Group, in a statement.
More to follow…
