Arvind Fashions (AFL), a casual wear and denim company, has announced its decision to acquire Flipkart Group’s stake for ₹135 crore in Arvind Youth Brands (AYBPL), making it a wholly owned subsidiary.
Arvind Fashion will acquire 31.25% from Flipkart India in Arvind Youth Brands, to make it a wholly owned subsidiary for operational efficiency and enhanced strategic control.
Arvind Youth Brands (AYBPL) manages the iconic homegrown denim and youthwear brand, Flying Machine, along with its apparel, footwear, and accessories across wholesale and retail channels like EBOs, NNNOW.com, Flipkart, and Myntra.
Over the last five years, Flying Machine has re-established itself 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 brands on digital platforms, catering to the fashion-conscious youth of India.
Upon completion of the acquisition, Arvind Fashion, along with its wholly owned subsidiary Arvind Lifestyle Brands, will hold 100% of the total shareholding in AYBPL on a fully diluted basis.
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 platforms. The brand will also be available to consumers on other digital channels and portals.”
