Arvind Youth Brands has received Rs 260 crore investment from Walmart-owned e-commerce company Flipkart for the sale of a significant minority stake.
Arvind Youth Brands owns the Flying Machine apparel brand. Arvind Lifestyle Brands is a subsidiary of Arvind Fashions that runs global brands such as US Polo, GAP, Tommy Hilfiger, Calvin Klein, Arrow etc.
“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, Flipkart Group.
Flipkart has a share of 6 percent in online fashion market in 2019, which is expected to grow to 14 percent in 2024. The market size would grow from $78 billion in gross GMV in 2019 to $133 billion in 2024, according to RedSeer.