Arvind Lifestyle Brands receives Rs 260 crore from Flipkart for minority stake in group firm, Retail News, ET Retail

Arvind Fashions (AFL) on Tuesday stated its subsidiary Arvind Way of living Brands has obtained Rs 260 crore from Flipkart India to select a minority stake in another team agency Arvind Youth Brands. Arvind Youth Brands is Arvind Fashions’ recently-shaped subsidiary which will individual the Flying Device model.

“…Just after completion of the customary problems precedent, Arvind Way of living Brands Ltd, a subsidiary of the business, obtained Rs 260 crore from Flipkart India as thing to consider for the sale of a major minority stake in Arvind Youth Brands, another subsidiary of the business,” Arvind Fashions stated in a BSE submitting.

Previously this month, Arvind Fashions experienced informed exchanges that Flipkart Group experienced invested Rs 260 crore to select a minority stake in its subsidiary Arvind Youth Brands.

Flying Device has been retailing on the group’s platforms of Flipkart and Myntra for far more than 6 yrs.