Arvind Fashions Limited has decided to acquire Flipkart Group’s stake in Arvind Youth Brands for Rs 135 crore, making the entity a wholly owned subsidiary of the company.
The acquisition has followed a five-year partnership during which Flying Machine has re-established itself on digital platforms. The association with Flipkart Group has helped the brand scale its online presence and reach youth consumers across the country, as per the company’s announcement.
Arvind Fashions has stated that while ownership of Arvind Youth Brands has consolidated, its commercial relationship with Flipkart Group has continued. Flying Machine has remained available on Flipkart’s platforms and has also expanded its presence across other digital marketplaces and portals.
Amisha Jain, Managing Director and Chief Executive Officer of Arvind Fashions, said, “We are thankful to the Flipkart Group for their support in building Flying Machine into a brand of choice on digital channels. Our relationship with the Flipkart group will continue ensuring consumers can still shop Flying Machine on its platforms. The brand will also be available to consumers on other digital channels and portals.”
