Arvind Fashions to buy Flipkart’s stake in youth brands arm for Rs 135cr

BENGALURU: Arvind Fashions said on Monday it will acquire Flipkart Group’s stake in Arvind Youth Brands Pvt Ltd for Rs 135 crore, making the entity a wholly owned subsidiary of the company.Arvind Youth Brands houses Flying Machine, the company’s youth-focused denim and casual wear brand. Arvind Fashions said Flying Machine has re-established itself over the past five years as a digitally strong brand, with the Flipkart partnership helping it scale on online platforms and emerge as one of the leading casual wear brands in the digital channel.Amisha Jain, managing director and chief executive officer of Arvind Fashions, said the company’s relationship with Flipkart would continue, with Flying Machine remaining available on Flipkart platforms even after the transaction. She added that the brand would also be sold through other digital channels and portals.Flying Machine, which has a four-decade presence in the Indian denim market, has been retailing online for more than ten years and targets youth consumers across metro and tier-II markets, the company said.Arvind Fashions, which operates brands including US Polo Assn., Arrow, Tommy Hilfiger, Calvin Klein and Flying Machine, described the transaction as part of its strategy to consolidate ownership of its youth-focused business.