Arvind Fashions to Acquire the Stake of Flipkart in Arvind Youth Brands

Arvind Fashions Limited (AFL), India's leading casual wear and denim company, today announced its decision to acquire Flipkart Group's stake for Rs 135 crores, in Arvind Youth Brands Pvt. Ltd. (AYBPL), making it a wholly owned subsidiary.

Over the last five years Flying machine has re-established as a well-accepted brand on the digital channels. The partnership with the Flipkart group helped Flying Machine become one of the top casual wear brand on digital platforms, catering to the fashion-conscious youth of India.

Amisha Jain, Managing Director & 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 platfforms. The brand will also be available to consumers on other digital channels and portals."

Shares of Arvind Fashions Limited was last trading in BSE at Rs. 516.15 as compared to the previous close of Rs. 517.65. The total number of shares traded during the day was 3773 in over 315 trades.

The stock hit an intraday high of Rs. 522.50 and intraday low of 511.05. The net turnover during the day was Rs. 1955886.00.

Source : Equity Bulls

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ArvindFashions INE955V01021 StakeAcquisition ArvindYouthBrands FlipkartGroup