AviIndia’s leading eCommerce marketplace Flipkart has now announced an investment of INR 260 crore into the subsidiary of one of the country’s leading apparel brand Arvind Fashion Limited to pick up a minority stake.
Flipkart said that it would purchase a major stake in the Arvind Youth Brands, a subsidiary of AFL, and which owns the Flying Machine Brand.
Speaking on the investment, Kalyan Krishnamurthy, Chief Executive Officer, Flipkart Group, said, “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.”